On January 1, 2020, A and B have capital balances of P 200,000 and P 300,000 respectively. On July 1,2020, A invests an additional P 10,000 and B withdraws P 11,600. Profits and losses are divided as follows: - Each of the partners shall be given 3,000 monthly salary: - Interest of 12% on ending capital balances, - Bonus to B of 10% of profit after salary but before interest and bonus if profit exceeds 500,000 for the year. - Any remainder is divided in the ratio of their capital balances at the start of the year. Revenues for the year totaled P 1,000,000 and Expenses amounted to P 300,000. How much is A's share in the net income/net loss? 263.356,80 236,356.80 236.653.80 O 263.653.80

On January 1, 2020, A and B have capital balances of P 200,000 and P 300,000 respectively. On July 1,2020, A invests an additional P 10,000 and B withdraws P 11,600. Profits and losses are divided as follows: - Each of the partners shall be given 3,000 monthly salary: - Interest of 12% on ending capital balances, - Bonus to B of 10% of profit after salary but before interest and bonus if profit exceeds 500,000 for the year. - Any remainder is divided in the ratio of their capital balances at the start of the year. Revenues for the year totaled P 1,000,000 and Expenses amounted to P 300,000. How much is A's share in the net income/net loss? 263.356,80 236,356.80 236.653.80 O 263.653.80

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter12: Accounting For Partnerships And Limited Liability Companies

Section: Chapter Questions

Problem 9E

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On January 1, 2020, A and B have capital balances of P 200,000 and P 300,000 respectively. On July 1,2020, A invests an additional P 10,000 and B withdraws P 11,600. Profits and losses are divided as follows: - Each of the partners shall be given 3,000 monthly salary; - Interest of 12% on ending capital balances; - Bonus to B of 10% of profit after salary but before interest and bonus if profit exceeds 500,000 for the year. - Any remainder is divided in the ratio of their capital balances at the start of the year. Revenues for the year totaled P 1,000,000 and Expenses amounted 300,000 For the year 2021, the income summary account has a credit balance of P 500,000 and there are no additional investments or withdrawals during the year. How much is B's share in net income/ net losses for the year 2021? A. 303,885.43 B. 196,114.57 C. 108,111.75 D. 180,880.25
On January 1, 2020, A and B have capital balances of P 200,000 and P 300,000 respectively. On July 1,2020, A invests an additional P 10,000 and B withdraws P 11,600. Profits and losses are divided as follows:- Each of the partners shall be given 3,000 monthly salary;- Interest of 12% on ending capital balances;- Bonus to B of 10% of profit after salary but before interest and bonus if profit exceeds 500,000 for the year.- Any remainder is divided in the ratio of their capital balances at the start of the year.Revenues for the year totaled P 1,000,000 and Expenses amounted to P 300,000.How much is A's share in the net income/net loss?
In January 1, 2020, A and B have capital balances of P 200,000 and P 300,000 respectively. On July 1,2020, A invests an additional P 10,000 and B withdraws P 11,600. Profits and losses are divided as follows: - Each of the partners shall be given 3,000 monthly salary; - Interest of 12% on ending capital balances; - Bonus to B of 10% of profit after salary but before interest and bonus if profit exceeds 500,000 for the year. - Any remainder is divided in the ratio of their capital balances at the start of the year. Revenues for the year totaled P 1,000,000 and Expenses amounted 300,000 How much is B's share in net income/ net losses? A. 273,356.80 b. 263,356.80 C. 436,643.20 D. 473,356.80
January 1, 2020, A and B have capital balances of P 200,000 and P 300,000 respectively. On July 1,2020, A invests an additional P 10,000 and B withdraws P 11,600. Profits and losses are divided as follows: - Each of the partners shall be given 3,000 monthly salary; - Interest of 12% on ending capital balances; - Bonus to B of 10% of profit after salary but before interest and bonus if profit exceeds 500,000 for the year. - Any remainder is divided in the ratio of their capital balances at the start of the year. Revenues for the year totaled P 1,000,000 and Expenses amounted to P 1,120,000. How much is B's share in the net income/net loss? A. (151,084.80) B. 436,643.20 C. (463,463.20) D. (80,476.80)
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Partners A and C shall receive annual salaries of B12,000 and B8,000, respectively. A bonus of 10% of profit after salaries but before deduction of bonus shall be given to Partner A, the managing partner. Each partner shall receive 10% interest on average capital investments. Any remaining profit or loss shall be shared as follows: 40% to A and 30% each to B and C. The average capital investments of partners during the year are as follows: A B100,000 60,000 120,000 Assiuming that the partnershin earnec a profit amounting to P10 000 1 point
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Partners A, B, and C have a profit and loss agreement with the following provisions: salaries of $13,000 and $12,000 for A and C, respectively; a bonus to C of 10% of net income after bonus; and interest of 6% on ending capital in excess of $100,000. Ending capital balance is $80,000 for A, $150,000 for B, and $110,000 for C. Remaining profit/loss is allocated to A, B, C in the ratio of 2:1:1. If the partnership had net income of $22,000, how much should be allocated to Partner C? Select one: 14,600 8,700 850 12,450
The XYZ Associates has three partners, A, B and C. In the first half of year 1, to 30 June, 2019.Year 1, Partner A and Partner C each received an annual salary of Rs. 35,000. Residual profits orlosses are shared between A, B and C in the ratio 4:3:2. (There is no interest on capital.) In thesecond half of the year, from 1 July to 31 December, 2019, Partner A’s salary was increased to Rs.45,000, and the partners altered the profit-sharing ratio to 1:3:1 for A:B:C).The salary of Partner C was unchanged at Rs. 35,000 per year. The profit for the year was Rs.230,000 (arising evenly throughout the year).Required: You have to prepare profit and loss appropriation account for the XYZ Associatesand Show the necessary calculations and also explain them.
The XYZ Associates has three partners, A, B and C. In the first half of year 1, to 30 June, 2019.Year 1, Partner A and Partner C each received an annual salary of Rs. 35,000. Residual profits orlosses are shared between A, B and C in the ratio 4:3:2. (There is no interest on capital.) In thesecond half of the year, from 1 July to 31 December, 2019, Partner A’s salary was increased to Rs.45,000, and the partners altered the profit-sharing ratio to 1:3:1 for A:B:C).The salary of Partner F was unchanged at Rs. 35,000 per year. The profit for the year was Rs.230,000 (arising evenly throughout the year).Required: You are asked to prepare profit and loss appropriation account for the XYZ Associatesand Show the necessary calculations and also explain them.
Partners A and B formed a partnership on July 1, 2021. Partner A invested P400,000 while Partner B invested P600,000. They agreed that the residual profits and losses are to be shared in a 3:2 ratio after monthly salary allowances of P12,000 and P20,000 are allowed to Partner A and Partner B respectively. They agreed as well that 10% interest will be provided on their respective beginning capital. Net income for the period ending December 31, 2021 amounted to P250,000. How much is the profit share of Partner A?
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