Based on the problem in picture, get the distribution of profits and losses by;60%; 40% ratio for Jack and Poy, respectively and1:5 ratio for Jack and Poy, respectively |Jack and Poy are partners in their Circus Show business. Poy is the managing partner.As of December 31, 2020 their capital account showed the followingA partner's equity account is debited or credited for the following:Jack CapitalPoy CapitalDebitCreditDebitCreditJul-01 15,000.00 | Jan-01Dec. 01 10,000.00 April 130,000.00 Jan-0135,000.00 Jun-0165,000.00100,000.00Apr-01150,000.0010,000.00Dec. 0150,000.00Nov. 135,000.00Dec. 01The partnership earned a net profit of P120,000 for the year ending December 31, 2020.

In partnership accounts the profit and losses are shared by the partners in predetermined ratio, if…

Answered: The partnership earned a net profit of…

Business

Accounting

The partnership earned a net profit of P120,000 for the year ending December 31, 2020.

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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Question

Based on the problem in picture, get the distribution of profits and losses by;

60%; 40% ratio for Jack and Poy, respectively and
1:5 ratio for Jack and Poy, respectively

|Jack and Poy are partners in their Circus Show business. Poy is the managing partner.
As of December 31, 2020 their capital account showed the following
A partner's equity account is debited or credited for the following:
Jack Capital
Poy Capital
Debit
Credit
Debit
Credit
Jul-01 15,000.00 | Jan-01
Dec. 01 10,000.00 April 1
30,000.00 Jan-01
35,000.00 Jun-01
65,000.00
100,000.00
Apr-01
150,000.00
10,000.00
Dec. 01
50,000.00
Nov. 1
35,000.00
Dec. 01
The partnership earned a net profit of P120,000 for the year ending December 31, 2020.

Definition Definition Amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item

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