Pan, a partner in the Pan and Tay Partnership has a 30% share in the partnership profit and loss. Her capital account balance has a net decrease of P60,000 in 2015. In 2015, she withdrew P130,000 against her capital and invested property valued at P25,000 in the partnership. How much is the profit of the partnership?

Pan, a partner in the Pan and Tay Partnership has a 30% share in the partnership profit and loss. Her capital account balance has a net decrease of P60,000 in 2015. In 2015, she withdrew P130,000 against her capital and invested property valued at P25,000 in the partnership. How much is the profit of the partnership?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

X, Y and Z were partners sharing profits and losses in the ratio 2 : 2:1. Their respective capital balances on 31.12.2014 were $ 5,00,000, $ 6,00,000 and $ 4,00,000 respectively. After closing the accounts for the year 2014, it was discovered that salaries of $ 20,000 p.a. to X and $ 30,000 to Z were ommited before distributing the profit. Profits for the year 2014 were $ 5,00,000 and the same have already been credited to their capital accounts. Instead of changing the audited Balance sheet, it was decided to pass a single adjusting entry in the beginning of the year 2015, so that accounts of previous year can be rectified.
ABC Partnership revealed that A, B and C's capital balances were P500,000, P300,000 and P200,000 with profit or loss ratio of 1:3:6. On January 1, 2022, C retired from the partnership and received P350,000. At the time of C's retirement, an asset of the partnership is undervalued. What is the capital balance of A after the retirement of C?
Show your solution and answer.
Cabang, a partner in the Cabang and Menace Partnership has a 30% share in the partnership profit and loss. His capital account had a net decrease of P60,000 in 2003. In 2003, he withdrew P130,000 against his capital and invested property valued at P25,000 in the partnership. The net income of the partnership is ANSWER IS 150,000
The partnership of Grant, Candice, and Panabaker is suffering cash shortage during 2020. Because of that reason, Grant loaned the partnership P60,000 cash last July 2020. The partnership suffered net loss during 2020. The capital balances of the partners after distribution of net loss are P240,000, P310,000, and P230,000, respectively. They share profits and losses in the ratio of 2:3:5, respectively.Due to disagreement, Grant wanted out of the partnership. Before withdrawal, the value of the land increased from P200,000 to P300,000. Grant will be paid P360,000 by the partnership for his total interest in the partnership. What is the capital balance of Candice after Grant’s withdrawal?
I don't understand how I got this wrong.
Allan, Bobby and Carlo are partners with capital accounts of P350,000, P700,000 and P450,000, respectively. They share profits and losses in a 2:4:3 ratio. Dan invested sufficient cash in the firm to acquire a 1/4 interest in the new partnership. How much is the investment of Dan?
On May 1, 2016, Peppa and Piggy formed a partnership and agreed to share profits and losses in the ration of 3:7, respectively. Peppa contributed a parcel of land that cost P10,000. Piggy contributed P40,000 cash. The land was sold for P18,000 on May 1, 2016, immediately after formation of the partnership. What amount should be recorded in Peppa’s capital account on formation of the partnership?
Mom, Pop, and Son are partners sharing profits and losses at 5:3:2, respectively. As of December 31, 2016, their capital balances were: Mom P997,500 Pop P840,000 Son P630,000 On January 1, 2017, the partners admitted Dad as a new partner and according to theiragreement, Dad will contribute P840,000 in cash to the partnership and also pay P105,000 for15% of Pop's share. Dad will be given a 20% share in profits, while the original partners' share will be proportionately the same as before. After admission of Dad, the total capital will beP3,465,000 and Dad's capital will be P735,000.What is the amount of asset revaluation? What is the bonus in the admission of Dad?
The Samuel Partnership shows the following profit and loss ratios and capital balances: Andrew (60%), P252,000; Mila (30%), P126,000 and Philip (10%), P42,000. The partners decide to sell to Violet 20 percent of their respective capital and profit and loss interests for a total payment of P90,000. Violet will pay the money directly to the other partners. What are the capital balances of partners after Violet’s admission to the partnership? Andrew Mila Philip Violet a. P198,000 P 99,000 P33,000 P90,000 b. P201,600 P100,800 P33,600 P84,000 c. P216,000 P108,000 P36,000 P90,000 d. P255,699 P127,800 P42,600 P84,000
Kwaku and Ekua are in partnership sharing profit the ratio 3:2. The net profit for the period was $12,000. Ekua is to receive an annual salary of $2000. there were no drawings during the year and the partners do not provide interest on capital account balances. What will be Kwaku's share of profit?
Enchong and Francis have capital balances of P 80,000 and P 100,000, respectively before distribution. Their profit and loss is 40:60. Assuming that the partnership still has non-cash assets with a total carrying amount of P 140,000 (no future liquidation expenses, no cash to be retained and all liabilities have already been settled), how much should Enchong receive as partial payment?