answer 1 and 2 thank you PROBLEM SOLVING:1On January 1, 2021, Angel, Bea and Colleen formed a partnership with original capital contribution ratioof 4:5:1 for total agreed capitalization of P 5,000,000. The profit and loss ratio agreement provides thatprofits shall be distributed in the ratio of 3:2:5 while losses shall be distributed in the ratio of 6:1:3During 2021, the partnership reported net income of P 2,000,000 with Angel and Bea withdrawingP 500,000 and P 300,000 respectively. During 2022, the partnership reported net loss of P 1,000,000with Bea and Colleen withdrawing P 200,000 and P 400,000 respectively.What is the capital balance of Bea on December 31, 2022?a P 2,600,000b. Р 2,300,000P 2,500,000d. P2,400,0002. On January 1, 2021, Kobe, Lebron and Michael formed a partnership with respective capital contributionof P 2,000,000, P 5,000,000 and P3,000,000. The articles of co-partnership provides that profits or lossshall be distributed accordingly:20% interest on original capital contributionP 30,000 monthly salary for Kobe and P 50,000 monthly salary for MichaelThe remainder shall be distributed on the basis of original capital contribution ratioOn December 31, 2021, Kobe and Lebron made withdrawals of P 500,000 and P1,000,000, respectively.The statement of financial position of the partnership shows that Lebron's capital on December 31, 2021is P 6,500,000.What is the capital balance of Kobe on December 31, 2021?Р 3,260,000b. P2,100,000P 2,360,000d. P 2,860,000a

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PROBLEM SOLVING: 1 On January 1, 2021, Angel, Bea and Colleen formed a partnership with original capital contribution ratio of 4:5:1 for total agreed capitalization of P5,000,000. The profit and loss ratio agreement provides that profits shall be distributed in the ratio of 3:2:5 while losses shall be distributed in the ratio of 6:1:3 During 2021, the partnership reported net income of P 2,000,000 with Angel and Bea withdrawing P 500,000 and P 300,000 respectively. During 2022, the partnership reported net loss of P1,000,000 with Bea and Colleen withdrawing P 200,000 and P 400,000 respectively. What is the capital balance of Bea on December 31, 2022? P 2,600,000 b. P 2,300,000 P 2,500,000 d. P2,400,000

PROBLEM SOLVING: 1 On January 1, 2021, Angel, Bea and Colleen formed a partnership with original capital contribution ratio of 4:5:1 for total agreed capitalization of P5,000,000. The profit and loss ratio agreement provides that profits shall be distributed in the ratio of 3:2:5 while losses shall be distributed in the ratio of 6:1:3 During 2021, the partnership reported net income of P 2,000,000 with Angel and Bea withdrawing P 500,000 and P 300,000 respectively. During 2022, the partnership reported net loss of P1,000,000 with Bea and Colleen withdrawing P 200,000 and P 400,000 respectively. What is the capital balance of Bea on December 31, 2022? P 2,600,000 b. P 2,300,000 P 2,500,000 d. P2,400,000

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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