Garachico, Peres and Burges formed a partnershp on Jan. 1,2019, and contributed PASD.O00, 200.00 aind 250,000, respectively . their arkeles of co apartnership provided that the operating profit be shared among the partners as follows: as salary, P24,000 for Garachico, P18,000 for Perez, and P12,000 for Burgos; interest of 12% on the average capital during 2019 of the three partners; and the balance in the ratio of 2:4:4, respectively. The operating profit for the year ended Dec, 31, 2019 amounted to P176,000. Garachico contributed additional capital of P30,000 on July 1 and made a withdrawal of P10,000 on Oct. 1; Perez contributed additional capital of P20,000 on Aug. 1 and made a withdrawal of P10,000 on Oct. 1; and, Burgos made a withdrawal of P30,000 on Nov. 1. The partners' capital balances on Dec. 31, 2019 are Garachico, P179,680; Perez, P229,360; and, Burgos, P239,360. Garachico, P223,180; Perez, P272,060; and, Burgos, P280,760. Garachico, P189,680; Perez, P239,360; and, Burgos, P269,360. Garachico, P179,760; Perez, P229,520; and, Burgos, P239,520. а. b. C. d.

Garachico, Peres and Burges formed a partnershp on Jan. 1,2019, and contributed PASD.O00, 200.00 aind 250,000, respectively . their arkeles of co apartnership provided that the operating profit be shared among the partners as follows: as salary, P24,000 for Garachico, P18,000 for Perez, and P12,000 for Burgos; interest of 12% on the average capital during 2019 of the three partners; and the balance in the ratio of 2:4:4, respectively. The operating profit for the year ended Dec, 31, 2019 amounted to P176,000. Garachico contributed additional capital of P30,000 on July 1 and made a withdrawal of P10,000 on Oct. 1; Perez contributed additional capital of P20,000 on Aug. 1 and made a withdrawal of P10,000 on Oct. 1; and, Burgos made a withdrawal of P30,000 on Nov. 1. The partners' capital balances on Dec. 31, 2019 are Garachico, P179,680; Perez, P229,360; and, Burgos, P239,360. Garachico, P223,180; Perez, P272,060; and, Burgos, P280,760. Garachico, P189,680; Perez, P239,360; and, Burgos, P269,360. Garachico, P179,760; Perez, P229,520; and, Burgos, P239,520. а. b. C. d.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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