Hi! This topic is about Partnership Dissolution. The number 4 and 5 are my questions. choose the letter of answer. Thank you!!! Julian and Felipe are partners in Mabuhay Music Philippines, a partnership engagedin music recording. Two years ago, the original investment of Julian imn thepartnership was P700,000 while the original investment of Felipe was P500,000.The records of Partners' Capital, Partner's Drawing and Income and ExpenseSummary for the year 20x2 are presented below:JULIAN, CAPITAL100,000 lan 1Sep 1FELIPE, CAPITAL50,000 Jan 1Mar 1400,000100,000Mar 1800,00050,000Sep 1JULUAN, DRAWINGFELIPE, DRAWINGJan - Dec50, 000Jan - Dec50,000INCOME AND EXPENSE SUMMARY400,000Dec 31 4. If profits and losses shall be based on ratio of simple average capital balancehow should the profit be distributed between Julian and Felipe?a. Julian, P258,333; Felipe, P141,667b. Julian, P241,667; Felipe, P158,333c. Julian, P250,000; Felipe, P150,000d. Not given5. If profits and losses shal! be based on ratio of weighted average capital balanceshow should the profit be distributed between Julian and Felipe?a. Julian, P288,889; Felipe, PI11,111b. Julian, P267,606; Felipe, P132,394c. Julian, P244,444; Felipe, P155,556d. Not given

Simple average Capital Balance The calculation of simple average capital balance is beginning…

If profits and losses shall be based on ratio of simple average capital balance how should the profit be distributed between Julian and Felipe? a. Julian, P258,333; Felipe, P141,667 b. Julian, P241,667; Felipe, P158,333 c. Julian, P250,000; Felipe, P150,000 d. Not given 5. If profits and losses shal! be based on ratio of weighted average capital balances how should the profit be distributed between Julian and Felipe? a. Julian, P288,889; Felipe, Pl 11,111 b. Julian, P267,606; Felipe, P132,394 c. Julian, P244,444; Felipe, PI55,556 d. Not given

If profits and losses shall be based on ratio of simple average capital balance how should the profit be distributed between Julian and Felipe? a. Julian, P258,333; Felipe, P141,667 b. Julian, P241,667; Felipe, P158,333 c. Julian, P250,000; Felipe, P150,000 d. Not given 5. If profits and losses shal! be based on ratio of weighted average capital balances how should the profit be distributed between Julian and Felipe? a. Julian, P288,889; Felipe, Pl 11,111 b. Julian, P267,606; Felipe, P132,394 c. Julian, P244,444; Felipe, PI55,556 d. Not given

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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