Glenn Separis and Felinita Barroga are partners of Comval Supermarket. Their respective ledger of capital balances are shown below: Barroga, Capital Separis, Capital Nov. 1 P50,000 Jan. 1 P400,000 . Sept. 1 P60,000 Jan. 1 May 1 P 300,000 40,000 Sept. 1 50,000 For each of the following independent profit and loss agreement cases, prepare schedule to distribute profit: 1) Salaries are provided to Separis of P50,000 and P30,000 to Barroga. Separis receives a bonus of 5% of profit after bonus. Interest of 15% based on ending capital balances and any remainder will be shared on the ratio 2:3. Profit for distribution was P450,000. , 2) Separis receives a bonus of 20% of profit after bonus and salaries. Salaries are P60,000 to Separis and P80,000 to Barroga. Interest of 10% based on ending capital balances and any remainder will be based on arbitrary ratio of 4:3. Profit for distribution was P630,000. 3) Both Separis and Barroga are given an ințerest of 10% based on their respective average capital balances, salaries of P80,000 and P70,000. Separis receives a bonus of 10% of proit after bonus and salaries. Any remainder is divided equally. Profit for distribution wa P520,000. 4) Separis is given a bonus of 20% before profit and salaries of P50,000. In addition, he receives a 10% interest based his beginning capital balance. Any remainder: Barroga Separis 80% 20% Profit for distribution was P400,000.
Glenn Separis and Felinita Barroga are partners of Comval Supermarket. Their respective ledger of capital balances are shown below: Barroga, Capital Separis, Capital Nov. 1 P50,000 Jan. 1 P400,000 . Sept. 1 P60,000 Jan. 1 May 1 P 300,000 40,000 Sept. 1 50,000 For each of the following independent profit and loss agreement cases, prepare schedule to distribute profit: 1) Salaries are provided to Separis of P50,000 and P30,000 to Barroga. Separis receives a bonus of 5% of profit after bonus. Interest of 15% based on ending capital balances and any remainder will be shared on the ratio 2:3. Profit for distribution was P450,000. , 2) Separis receives a bonus of 20% of profit after bonus and salaries. Salaries are P60,000 to Separis and P80,000 to Barroga. Interest of 10% based on ending capital balances and any remainder will be based on arbitrary ratio of 4:3. Profit for distribution was P630,000. 3) Both Separis and Barroga are given an ințerest of 10% based on their respective average capital balances, salaries of P80,000 and P70,000. Separis receives a bonus of 10% of proit after bonus and salaries. Any remainder is divided equally. Profit for distribution wa P520,000. 4) Separis is given a bonus of 20% before profit and salaries of P50,000. In addition, he receives a 10% interest based his beginning capital balance. Any remainder: Barroga Separis 80% 20% Profit for distribution was P400,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:4) Separis is given a bonus of 20% before profit and salaries of P50,000. In addition, he receives
3-14
Glenn Separis and Felinita Barroga are partners of Comval Supermarket. Their respective ledger
of capital balances are shown below:
Barroga, Capital
Separis, Capital
Nov. 1 P50,000
Jan. 1 P400,000
Sept. 1 P60,000 Jan. 1
May 1
P 300,000
40,000
Sept. 1 50,000
For each of the following independent profit and ioss agreement cases, prepare schedule to
distribute profit:
1) Salaries are provided to Separis of P50,000 and P30,000 to Barroga. Separis receives a bonus
of 5% of profit after bonus. Interest of 15% based on ending capital balances and any
remainder will be shared on the ratio 2:3. Profit for distribution was P450,000.
2) Separis receives a bonus of 20% of profit after bonus and salaries. Salaries are P60,000 to
Separis and P80,000 to Barroga. Interest of 10% based on ending capital balances and any
remainder will be based on arbitrary ratio of 4:3. Profit for distribution was P630,000.
3) Both Separis and Barroga are given an ințerest of 10% based on their respective average
capital balances, salaries of P80,000 and P70,000. Separis receives a bonus of 10% of prom
after bonus and salaries. Any remainder is divided equally. Profit for distribution wo
P520,000.
a 10% interest based his beginning capital balançe.
Any remainder:
Barroga
Separis
80%
20%
Profit for distribution was P400,000.
Ics
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