partner, contributed P100,000, Gu, a limited partner, contributed P150,000 and Kim,s thei Tak and Gu are partners in the KIMTAKGU partnership Tak, the generalpaly industrial partner. The partnership operations commenced on July 1, 20xt.Foom the period July 1 to end of the calendar year accounting period December 31,osl: the partnership incurred a loss of P30,000 During the calendar year 20x2, thebusiness earned a profit of P240,000. So the total profit for the last two calendarter ofme asyear was only P210,000 S. How much is the share of Tak from the profit during 20x2a. P 80,000b. P 70,000c. P 60,000d. Not given11 H6. How much is the share of Gu from the profit during 20x2?a. P 120,000b. P 80,00012.c. P 70,000d. Not given7. What is the capital balance of Tak at December 31, 20x1?a. P100,000b. P 85,00013.c. P 70,000d. Not given8. What is the capital balance of Gu at December 31, 20x1?a. P150,000b. P135,000c. P120,000d. Not given9. What is the capital balance of Tak at December 31, 20x2?a. P180,000b. P170,000c. P165,000d. Not given10. What is the capital balance of Gu at December 31, 20x2?a. P220,000b. P215,000C. P200,000d. Not given

Since we answer only upto three sub-parts, we shall answer first three. Please submit a new question…

Kim, Tak and Gu are partners in the KIMTAKGU partnership Tak, the genersi partner, contributed P100,000, Gu, a limited partner, contributed P150,000 and Kim, Pely industrial partner. The partnership operations commenced on July 1, 20x1. om the period July 1 to end of the calendar year accounting period December 31, hyl: the partnership incurred a loss of P30,000 During the calendar year 20x2, the business earned a profit of P240,000 So the total profit for the last two calendar year was only P210,000

Kim, Tak and Gu are partners in the KIMTAKGU partnership Tak, the genersi partner, contributed P100,000, Gu, a limited partner, contributed P150,000 and Kim, Pely industrial partner. The partnership operations commenced on July 1, 20x1. om the period July 1 to end of the calendar year accounting period December 31, hyl: the partnership incurred a loss of P30,000 During the calendar year 20x2, the business earned a profit of P240,000 So the total profit for the last two calendar year was only P210,000

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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Concept explainers

Partnership Accounting

A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.

Partner Admission and Withdrawal

A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.

Question

100%

partner, contributed P100,000, Gu, a limited partner, contributed P150,000 and Kim,
s the
i Tak and Gu are partners in the KIMTAKGU partnership Tak, the general
paly industrial partner. The partnership operations commenced on July 1, 20xt.
Foom the period July 1 to end of the calendar year accounting period December 31,
osl: the partnership incurred a loss of P30,000 During the calendar year 20x2, the
business earned a profit of P240,000. So the total profit for the last two calendar
ter of
me as
year was only P210,000

S. How much is the share of Tak from the profit during 20x2
a. P 80,000
b. P 70,000
c. P 60,000
d. Not given
11 H
6. How much is the share of Gu from the profit during 20x2?
a. P 120,000
b. P 80,000
12.
c. P 70,000
d. Not given
7. What is the capital balance of Tak at December 31, 20x1?
a. P100,000
b. P 85,000
13.
c. P 70,000
d. Not given
8. What is the capital balance of Gu at December 31, 20x1?
a. P150,000
b. P135,000
c. P120,000
d. Not given
9. What is the capital balance of Tak at December 31, 20x2?
a. P180,000
b. P170,000
c. P165,000
d. Not given
10. What is the capital balance of Gu at December 31, 20x2?
a. P220,000
b. P215,000
C. P200,000
d. Not given

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9. What is the capital balance of Tak at December 31, 20x2? 28 A
a. P180,000
b. P170,000
c. P165,000
d. Not given
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10. What is the capital balance of Gu at December 31, 20x2?
a. P220,000
b. P215,000
c. P200,000
d. Not given
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