What is Villanueva’s total profit share for the year ended June 30, 2018?
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Villanueva and Mulles are partners sharing profits in the ratio 3:2. On Jan. 1, 2018, Lucena joined the partnership and the new profit sharing ratio is as follows: Villanueva 40%, Mulles 30% and Lucena 30%. Profits for the year ended June 30,2018 were:
6 months ended Dec. 31, 2017 P300,000
6 months ended June 30, 2018 P450,000
An irrecoverable debt of P50,000 was written off in the six months to June 30 in computing the P450,000 profit. It was agreed that this expense should be borne by Villanueva and Mulles only. What is Villanueva’s total profit share for the year ended June 30, 2018?
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- Crush and Ni are in partnership and prepare their accounts to December 31 each year.On July 1, 2015, Sir joined the partnership. Profit sharing arrangements are:6 months toJune 30, 20156 months toDecember 31, 2015Salary Allowances Crush P15,000 P25,000Share in residual profit Crush 60% 40%Ni 40% 40%Sir - 20%The partnership’s net income for the year ended December 31, 2015 was P350,000accruing evenly over the year. What are the partner’s total profit shares for the yearended December 31, 2015?Peeta, Katniss and Gale formed a partnership on January 1, 2015 and contributed P150,000,P200,000 and P250,000, respectively. Their articles of co-partnership provide that the operatingincome be shared among the partners as follows: as salary, P24,000 for Peeta, P18,000 for Katnissand P12,000 for Gale; interest of 12% on the average capital during 2015 of the three partners andthe remainder in the ratio of 4:2:4, respectively. The operating income for the year-ended December31, 2015 amounted to…Villanueva and Mulles are partners sharing profits in the ratio of 3:2. On Jan 1,, 2019. Lucena joined the partnership and the new profit sharing ratio is as follows: Villanueva-40%, Mulles-30% and Lucena-30%. Profits for the year ended June 30, 2019 were: ^ months ended Dec. 31,, 2018 - P300.000; 6 months ended June 30, 2019 - P450,000. An irrecoverable debt of P50,000 was written off in the six months to June 30 in computing the P450,000 profit. It was agreed that this expense should be borne by Villanueva and Mules only. What is Villanueva's total profit share for the year ended June 30, 2019? 5 points a. P330,000 b. P310,000 c. P340,000 d. P350,00019 AA and BB are partners with capital accounts that had the following transactions during 2022: AA BB Debit Credit Debit Credit Beginning balance, January 1 P270,000 P280,000 February 28 P80,000 March 1 120,000 April 30 160,000 June 1 P100,000 August 1 140,000 September 30 40,000 October 31 40,000 The partnership agreement provides for the following: Interest of 9% is to be provided to AA Salaries of P4,000 is to be given to BB per quarter A bonus of 25% is to be given to AA based on net income after interest and salaries Remaining balance is to be allocated on a ratio of 40:60. The income summary account has a credit balance of P1,050,000 before profit distribution. BB has a Drawing account amounting to P40,000 which is a withdrawal made by BB in anticipation of future profits on July 1, 2022. How much is the…
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- AA and BB have been partners for a decade. As of January 1, 2022, the capital balances of AA and BB are: AA capital P55,000 BB. 75,000 capital Partnership agreement provides for the following manner of profit distribution: • Annual salaries of P80,000 and P100,000 will be provided to AA and BB. respectively A bonus of 20% based on net income will be given to AA -30% of the remaining profit or loss is distributed to AA with the balance provided to BB In 2022, the partnership reported net income of P250,000. On January 1, 2023, CC was admitted as a partner by investing P70,000 for a 25% interest in the capital of the partnership. The partners agreed that the plant assets of the partnership were to be increased by P30,000. The profit and loss sharing agreement was revised to: . Annual salaries of P80,000, P100,000 and P70,000 will be provided to AA BB and CC, respectively. • A bonus of 20% based on net income will be given to AA and a 5% bonus based on net income after A's…The capital accounts of Scott and Tucker at the end of the fiscal year 2019 are as follows: Scott, Capital January 1 Balance P210,000 Мay 1 Investment 90,000 October 1 Withdrawal Р60,000 Tucker, Capital January 1 Balance P150,000 April 1 Withdrawal P30,000 The partnership profit for the year ended December 31, 2019 was P300,000. Instruction: Prepare schedule of profit allocation and journal entries to record transfer to profit to the capital accounts under each of the following independent assumptions: 1. Profit is divided 60% to Scott and 40% to Tucker. 2. Profit is divided into ratio of capital balances at the beginning of the period. 3. Profit is divided in the ratio of average capital balance. Interest of 8% is allowed on the average capital and the balance of profit is divided equally. 4. Salaries of P60,000 and P48,000 are allowed to Scott and Tucker, respectively, and the balance of the profit is divided in the ratio of capital balances at the end of the period. 5. 6. Scott is…Accounting AA, BB and CC formed a partnership on January 1, 2022. Their capital balances before share in profit or loss on December 31 were P300,000, P400,000 and P500,000, respectively. The partnership agreement provides for the following manner of distributing profits: Monthly salaries for AA, BB and CC of P4,000, P3,000 and P2,000, respectively 12% interest based on the weighted average capital Residual profit to AA, BB and CC in the ratio of 2:4:4, respectively The partnership profit for the year 2022 amounted to P350,000. During the year, AA contributed additional capital of P60,000 on July 1 while BB contributed P40,000 on March 30. AA and BB made permanent withdrawals of capital on October 1 of P2,000 each while CC withdrew P36,000 on October 31. How much is the share of AA in the partnership net income?
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