Kent Deriquito and Jude Searez are partners of Cebu Vintage Car. The Income and Expense.Summary account before final closing shows a credit balance of P450,000 at the end of the fiścalyear.The following were taken from their respective çapital account ledgers:Kent DeriquitoBalance752,00070,00050,000Jan.1Oct.1WithdrawalDec.1InvestmentJude Searez680,00080,00010,00040,000Jan.1BalanceMarch 1InvestmentNov.Withdrawal%3DDec.Investment Required:Show how profit is distributed to partners under the following assumptions:a) Annual salaries of P45,000 and P30,000; 8% interest based on beginning capital balanceof each partner and remainders equally.b) 20% interest is allowed to partners based on the ending capital balances; annual salariesto each partner, P50,000 and P20,000; and balance for distribution according to the ratioof 50% - 50%.9 Annual salaries of P120,000 and P100,000; Bonus to Deriquito of 25% of profit beforesalaries to both; remainder is divided based on average capital ratio.

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Kent Deriquito and Jude Searez are partners of Cebu Vintage Car. The Income and Expense. Summary account before final closing shows a credit balance of P450,000 at the end of the fiścal уear. The following were taken from their respective çapital account ledgers: Kent Deriquito Balance 752,000 70,000 50,000 Jan. 1 Oct. 1 Withdrawal Dec. 1 Investment Jude Searez 680,000 80,000 10,000 40,000 Jan. 1 Balance March 1 Investment Nov. 1 Withdrawal Dec. 1' Investment

Kent Deriquito and Jude Searez are partners of Cebu Vintage Car. The Income and Expense. Summary account before final closing shows a credit balance of P450,000 at the end of the fiścal уear. The following were taken from their respective çapital account ledgers: Kent Deriquito Balance 752,000 70,000 50,000 Jan. 1 Oct. 1 Withdrawal Dec. 1 Investment Jude Searez 680,000 80,000 10,000 40,000 Jan. 1 Balance March 1 Investment Nov. 1 Withdrawal Dec. 1' Investment

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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