Direction: Answer the following questions in problem 3: [1,2,3,4,] P2PROBLEM 3: EXERCISES1. Partners A and B share in profits and losses equally aftersalaries of P100,000 for A and P60,000 for B. The businessearned profit of P200,000 before deduction for the salaries.Requirthe pr5. ARequirements:a. Compute for the partners' respective shares in the profit.b. Provide the journal entries (the salaries are withdrawnperiodically).ina2. A and B's partnership agreement provides for annual salaryallowances of P160,000 for A and P80,000 for B. Profits areshared equally, while losses on a 60:40 ratio. The partnershipearned profit of P200,000.AprilJuneSepteDece Requirement: Compute for the respective shares of the partners inr 2Partnership Operations47the profit.ed,A and B's partnership agreement states the following:Annual salaries of P96,000 for A and P60,000 for B.10% bonus to A, based on profit after salaries and bonus.P/L ratio of 60:40.alangThe partnership earned profit of P200,000 before salaries andbonus.Requirement: Compute for the respective shares of the partners inthe profit.of4. A and B's partnership agreement provides for an annualsalary allowance of P100,000 for A and 10% interest on theweighted average capital balance of B. The remainder isshared on a 60:40 ratio, respectively. During the period, thepartnership earned profit of P200,000. B's capital account hada beginning balance of P120,000. B made additionalinvestments of P40,000 on April 1, P80,000 on Sept. 30, andP20,000 on Dec. 31, and made drawings of P60,000 on July 31.nerfterRequirement: Compute for the respective shares of the partners inthe profit.ess5. A&B Co. started operations on April 1, 20x1. Mr. A, a partnerin A&B Co., is entitled to 12% interest on the weightedaverage balance of his capital account. Mr. A's ledger showsthe following:wnA, CapitalDebitRef.001CreditBalanceDateApril 1,20x1June 30, 20x1September 30, 20x1December 1, 20x1100,000.0079,000.0087,000.0083,000.00100,000.00lary09821,000.00are8,000.00146ship2114,000.00

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PROBLEM 3: EXERCISES 1. Partners A and B share in profits and losses equally after salaries of P100,000 for A and P60,000 for B. The business earned profit of P200,000 before deduction for the salaries. Requirements: a. Compute for the partners' respective shares in the profit. b. Provide the journal entries (the salaries are withdrawn periodically).

PROBLEM 3: EXERCISES 1. Partners A and B share in profits and losses equally after salaries of P100,000 for A and P60,000 for B. The business earned profit of P200,000 before deduction for the salaries. Requirements: a. Compute for the partners' respective shares in the profit. b. Provide the journal entries (the salaries are withdrawn periodically).

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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