net loss of P60,000?INSTRUCTION:Compute the profit and loss that Kate and Ally shared.and Ally in the ratio of 4:6, respectively.Income for 2018 is P60,000 while loss for 2019 is P40,000.The partnership of Scott, Ross, and Kelly was formed on January 2, 2017 with aninitial total capital of P120,000, from equal contribution by the partners. The partnershipagreement provides 10% interest on the beginning capital balances, salary allowancefor Scott, P6,000; and the remainder, divided equally.Required:2019. Show the computations of income distribution.Determine the capital balances of Scott, Ross, and Kelly on December 31.

Partnership alludes to the business model in which two or more individuals join the business to…

INSTRUCTION: Compute in the business. Income and losses after salary and interest were to be shared by ent and Ally in the ratio of 4:6, respectively. Inceme for 2018 is P60,000 while loss for 2019 is P40,000.

INSTRUCTION: Compute in the business. Income and losses after salary and interest were to be shared by ent and Ally in the ratio of 4:6, respectively. Inceme for 2018 is P60,000 while loss for 2019 is P40,000.

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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Question

net loss of P60,000?
INSTRUCTION:
Compute the profit and loss that Kate and Ally shared.
and Ally in the ratio of 4:6, respectively.
Income for 2018 is P60,000 while loss for 2019 is P40,000.
The partnership of Scott, Ross, and Kelly was formed on January 2, 2017 with an
initial total capital of P120,000, from equal contribution by the partners. The partnership
agreement provides 10% interest on the beginning capital balances, salary allowance
for Scott, P6,000; and the remainder, divided equally.
Required:
2019. Show the computations of income distribution.
Determine the capital balances of Scott, Ross, and Kelly on December 31.

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