Problem 3: Partners Coleen and Norlyn received a salary of P150,000 and P300,00, respectively, and share profit and losses in a 2:1 ratio, respectively. If the partnership suffered a P150,000 loss in 2019, prepare the journal entry to record the distribution of loss. Use the following account titles for your journal entries: Coleen Capital Coleen Drawing Norlyn Capital Norlyn Drawing Income Summary Account Title Debit Credit Coleen Drawing 150000

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Problem 3: Partners Coleen and Norlyn received a salary of P150,000 and P300,00, respectively, and share profit and losses in a 2:1 ratio, respectively. If the
partnership suffered a P150,000 loss in 2019, prepare the journal entry to record the distribution of loss.
Use the following account titles for your journal entries:
Coleen Capital
Coleen Drawing
Norlyn Capital
Norlyn Drawing
Income Summary
Account Title
Debit
Credit
Coleen Drawing
150000
Norlyn Capital
300000
Income Summa
250000
A NS X DD
MAKE SUDE TO USr TUE DROVIDED A C COUNT TITI ES
Transcribed Image Text:Problem 3: Partners Coleen and Norlyn received a salary of P150,000 and P300,00, respectively, and share profit and losses in a 2:1 ratio, respectively. If the partnership suffered a P150,000 loss in 2019, prepare the journal entry to record the distribution of loss. Use the following account titles for your journal entries: Coleen Capital Coleen Drawing Norlyn Capital Norlyn Drawing Income Summary Account Title Debit Credit Coleen Drawing 150000 Norlyn Capital 300000 Income Summa 250000 A NS X DD MAKE SUDE TO USr TUE DROVIDED A C COUNT TITI ES
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