Questions 2 and 3 are based on the following: Several years ago, Roel and Jek formed RJ Partnership. The partnership agreement states that each partner is to receive a salary of P10,000 per month and 5% interest on beginning-of-the-year capital balances; any remainder would be divided between Roel and Jek in the ratio 2:3, respectively. The unadjusted trial balance of RJ Partnership as of December 31, 2020, appears as follows: Cash Accounts receivable Inventory, January 1, 2020 Furniture & fixtures, net Building, net Roel Drawing Jek, drawing Purchases Operating expenses Total P 500,000 300,000 400,000 150,000 300,000 100,000 120,000 600,000 250.000 2.720.000 Accounts payable Notes payable Roel, capital Jek, capital Sales Total 2. Determine the share of partner Roel on the net Income of 2020, A. P46,100 B. (P21,100) Additional information: 1. December 31, 2020, inventory was P550,000. 2020 purchases of P600,000 were recorded using the Periodic inventory method. 2. Depreciation for 2020 on furniture and fixtures and building is determined to be 10% and 20% respectively. of net valuation. 3. On July 1, 2020, the partnership recorded a P100,000 additional capital contribution by Jek. Roel made no additional capital contributions during the year. C. (P19,100) P 350,000 200,000 750,000 620,000 800,000 3. Determine the ending capital balance of partner Jek on December 31, 2020. A. P480,900 B. P580,900 C. P694,100 P2.720.000 D. P44,100 D. P478,900
Questions 2 and 3 are based on the following: Several years ago, Roel and Jek formed RJ Partnership. The partnership agreement states that each partner is to receive a salary of P10,000 per month and 5% interest on beginning-of-the-year capital balances; any remainder would be divided between Roel and Jek in the ratio 2:3, respectively. The unadjusted trial balance of RJ Partnership as of December 31, 2020, appears as follows: Cash Accounts receivable Inventory, January 1, 2020 Furniture & fixtures, net Building, net Roel Drawing Jek, drawing Purchases Operating expenses Total P 500,000 300,000 400,000 150,000 300,000 100,000 120,000 600,000 250.000 2.720.000 Accounts payable Notes payable Roel, capital Jek, capital Sales Total 2. Determine the share of partner Roel on the net Income of 2020, A. P46,100 B. (P21,100) Additional information: 1. December 31, 2020, inventory was P550,000. 2020 purchases of P600,000 were recorded using the Periodic inventory method. 2. Depreciation for 2020 on furniture and fixtures and building is determined to be 10% and 20% respectively. of net valuation. 3. On July 1, 2020, the partnership recorded a P100,000 additional capital contribution by Jek. Roel made no additional capital contributions during the year. C. (P19,100) P 350,000 200,000 750,000 620,000 800,000 3. Determine the ending capital balance of partner Jek on December 31, 2020. A. P480,900 B. P580,900 C. P694,100 P2.720.000 D. P44,100 D. P478,900
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
DO THIS TYPEWRITTEN FOR UPVOTE
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 5 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education