On January 1, 2022, Ana and Bea formed AnBea partnership with a total agreed capital of 5,000,000 and a capital interest ratio of 70:30. The following were ascertained during the year as to distribution of profits and losses: a) A will receive quarterly salaries of P100,000. b) 5% interest on their initial capital c) Any remainder will be shared by their capital interest ratio. At the end of the year, the partnership had a P500,000 credit balance in its income summary account. What is the share in the net income or (loss) of Partner Ana? a. 380,000 b. 440,000 c. 470,000
On January 1, 2022, Ana and Bea formed AnBea partnership with a total agreed capital of 5,000,000 and a capital interest ratio of 70:30. The following were ascertained during the year as to distribution of profits and losses: a) A will receive quarterly salaries of P100,000. b) 5% interest on their initial capital c) Any remainder will be shared by their capital interest ratio. At the end of the year, the partnership had a P500,000 credit balance in its income summary account. What is the share in the net income or (loss) of Partner Ana? a. 380,000 b. 440,000 c. 470,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1, 2022, Ana and Bea formed AnBea partnership with a total agreed capital of 5,000,000 and a capital interest ratio of 70:30. The following were ascertained during the year as to distribution of
a) A will receive quarterly salaries of P100,000.
b) 5% interest on their initial capital
c) Any remainder will be shared by their capital interest ratio. At the end of the year, the partnership had a P500,000 credit balance in its income summary account.
What is the share in the net income or (loss) of Partner Ana?
a. 380,000
b. 440,000
c. 470,000
d. 491,000
What is the capital balance of Partner B on December 31, 2020?
What is the capital balance of Partner B on December 31, 2020?
a. 1,509,000
b. 1,620,000
c. 1,560,000
d. 1,530,000
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