On January 1, 2018, TQS, JNV and KPH formed a partnership with TQS as an industrial partner, JNV and KPH contributing cash of P700,000 and P1,050,000, respectively. They agree to divide profits in the ratio of 2:4:3 to TQS, JNV, and KPH, respectively. The operations of the partnership for the year 2018 resulted in a loss of P420,000. Required: Give the entry to divide the net loss among the partners.

On January 1, 2018, TQS, JNV and KPH formed a partnership with TQS as an industrial partner, JNV and KPH contributing cash of P700,000 and P1,050,000, respectively. They agree to divide profits in the ratio of 2:4:3 to TQS, JNV, and KPH, respectively. The operations of the partnership for the year 2018 resulted in a loss of P420,000. Required: Give the entry to divide the net loss among the partners.

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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