Problem 5: Jeff and Nhar formed a partnership on Sept. 29, 2017 with original capital contribution of P400,000 and P600,000, respectively. On June 01, 2018, Jeff invested additional capital of P100,000, while Nhar's made a permanent withdrawal of P100,000 on October 30, 2018. On July 01, 2019, Jeff made again an additional investment of P100,000, and on the same day Nhar made a permanent withdrawal of P100,000. The partners agreed that interest of 8% will be given to each partner based on their initial contribution to the partnership. Required: Distribute the profit of P60,000 in consideration of the agreed interest, and the remainder to be distributed at the Profit and Loss ratio of 2: 3. 1. How much interest to be given to: a. Jeff: b. Nhar: 2. How would the P60,000 profit will be distributed? a. Share of Jeff on the profit: b. Share of Nhar on the profit:

Problem 5: Jeff and Nhar formed a partnership on Sept. 29, 2017 with original capital contribution of P400,000 and P600,000, respectively. On June 01, 2018, Jeff invested additional capital of P100,000, while Nhar's made a permanent withdrawal of P100,000 on October 30, 2018. On July 01, 2019, Jeff made again an additional investment of P100,000, and on the same day Nhar made a permanent withdrawal of P100,000. The partners agreed that interest of 8% will be given to each partner based on their initial contribution to the partnership. Required: Distribute the profit of P60,000 in consideration of the agreed interest, and the remainder to be distributed at the Profit and Loss ratio of 2: 3. 1. How much interest to be given to: a. Jeff: b. Nhar: 2. How would the P60,000 profit will be distributed? a. Share of Jeff on the profit: b. Share of Nhar on the profit:

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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