In January 2013, Edi Thomas and George Lopez agreed to produce and sell chocolate candiesunder the company name T&L Chocolates. Thomas contributed P580,000 in cash to the business.Lopez contributed the building and equipment, valued at P480,000 and P230,000, respectively.The partnership had an income of P675,000 during 2013 but was less successful during 2014,when income was only P580,000.a. The partners agreed to share income equally. *DISTRIBUTION OF INCOME SHARED EQUALLY20132014For Edi Thomas:2013:(13)2014:(14)For George Lopez:2013:(15)2014:(16)TotalsP 675,000.00 P 580,000.00

Partnership is a firm joined by two or more people for running an organization and to earn profit…

In January 2013, Edi Thomas and George Lopez agreed to produce and sell chocolate cand under the company name T&L Chocolates. Thomas contributed P580,000 in cash to the busine Lopez contributed the building and equipment, valued at P480,000 and P230,000, respective The partnership had an income of P675,000 during 2013 but was less successful during 20: when income was only P580,000. a. The partners agreed to share income equally. * DISTRIBUTION OF INCOME SHARED EQUALLY 2013 2014 ********** For Edi Thomas: 2013: (13) 2014: (14) For George Lopez: 2013: (15) 2014: (16) Totals P 675,000.00 P 580,000.00

In January 2013, Edi Thomas and George Lopez agreed to produce and sell chocolate cand under the company name T&L Chocolates. Thomas contributed P580,000 in cash to the busine Lopez contributed the building and equipment, valued at P480,000 and P230,000, respective The partnership had an income of P675,000 during 2013 but was less successful during 20: when income was only P580,000. a. The partners agreed to share income equally. * DISTRIBUTION OF INCOME SHARED EQUALLY 2013 2014 ********** For Edi Thomas: 2013: (13) 2014: (14) For George Lopez: 2013: (15) 2014: (16) Totals P 675,000.00 P 580,000.00

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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