:Partners Omar and Yusuf have capital balances in a partnership of 160,000 and 240,000, respectively. They agree to share profits and losses as follows Omar Yusuf 40,000 48,000 As salaries 5% 596 As interest on capital at the beginning of the year 50% 50% Remaining profits or losses ?If income for the year was 150,000, what will be the distribution of income to Yusuf .a O 79,000.1 79,200.1 81,000.1 .d O 75,000.1

:Partners Omar and Yusuf have capital balances in a partnership of 160,000 and 240,000, respectively. They agree to share profits and losses as follows Omar Yusuf 40,000 48,000 As salaries 5% 596 As interest on capital at the beginning of the year 50% 50% Remaining profits or losses ?If income for the year was 150,000, what will be the distribution of income to Yusuf .a O 79,000.1 79,200.1 81,000.1 .d O 75,000.1

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

Do not give answer in image
18 Pepe and Pilar are partners having capital balances of P 35,000 and P 25,000, respectively. They share profits in the ratio of 6:4. Juan is to invest sufficient cash to give him a 40% interest in the new capital, which is proportionate to his share in the earnings. The old partners will share in the balance of the earnings using their original profit sharing ratio. to 000.8 REQUIRED: a. Give the entry to record the admission of Juan. b. Show the interest of each partner (expressed as a percentage) in the total capital before and after the admission of Juan. c. What is the new profit and loss sharing ratio?
If the net income of the partnership is P 250,000 and the profit/loss ratio is 1:3:2 for A, B and C, respectively, how much is the share of C in the net income? A. P 50,000 B. P 41,667 C. P 125,000 D. P 83,333
Marvin, Gerwin, Froilan formed a partnership on July 1,2020 with the following investments: Marvin 200,000 Gerwin 300,000 Froilan 450,000 The partnership agreement stated that profits and losses are to be shared equally by the partners after consideration for the following: 1. Annual salaries to partners: 60,000 for Marvin, 48,000 for Gerwin and 36,000 for Froilan. 2. 10% interest on average capital 3. 10% of net profit after salaries and interest as bonus to Marvin as the managing partner. On October 1, 2020, Marvin made additional investment of 60,000, on the residual profit after salaries and Froilan invested 30,000 on Dec. 1,2020. Assuming the result of operation is a loss of P50,000, how much is the share of each partner to the partnership loss?
Solve the problem
PA1. LO 15.3The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $40,000 B. $25,000 C. ($5,000) In addition, show the resulting entries to each partner's capital account. Tatum's capital account balance is $50,000 and Brook's is $60,000.
Sir please help me sir
1
3.4 Vir and Housen are partners sharing profits in the ratio of 3:2. As per their agreement, each partner is allowed to withdraw P 30,000 annually. Both partners withdrew this amount during 200C.The net profit in 200C was P 120,000. REQUIRED: Show how the net profit will be divided if the withdrawals are considered as: a. Partners' drawings b. Partners' salaries
2. The partnership of David White and Paul Wacker incurred net income of $40,000 for the current year. David had invested $30,000 and Paul had invested $45,000. Calculate he distribution share to each partner if profits are divided in the ratio of:a. Investmentsb. 3:1
Nicholas and Sarah began a partnership by investing $52,000 and $78,000. During the first year running, it had net income $180,000 A. allocation based on no agreement B. allocation based on partner initial investment C. allocation based on partnership conditions Nicholas Sarah 1) salary allowance 85000 65000 2) Interest allowance 10%on initial investment 3) split rest of balance equally
Please help me