The following are taken from the accounting records of JFK Partnership. December 31, 2020 December 31, 2021 James, Capital Christine, Capital P54,900 P64,900 53,200 63,900 Lolly, Capital 44,890 50,890 The partnership generated net income of P51,600 in 2020. According to the partnership contract, James, Christine and Lolly share profit and loss equally. The partnership contract allows each partner to withdraw P1,000 monthly. James and Christine each contributed P5,000 during the year. Loll did not make any contributions during the year. Required: 1. Prepare the partnership's Statement of Changes in Equity. 2. Determine if any of the partners violated the partnership contract provision on Drawings. Identify who among the partners it is.

The following are taken from the accounting records of JFK Partnership. December 31, 2020 December 31, 2021 James, Capital Christine, Capital P54,900 P64,900 53,200 63,900 Lolly, Capital 44,890 50,890 The partnership generated net income of P51,600 in 2020. According to the partnership contract, James, Christine and Lolly share profit and loss equally. The partnership contract allows each partner to withdraw P1,000 monthly. James and Christine each contributed P5,000 during the year. Loll did not make any contributions during the year. Required: 1. Prepare the partnership's Statement of Changes in Equity. 2. Determine if any of the partners violated the partnership contract provision on Drawings. Identify who among the partners it is.

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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