PLEASE DO THIS TYPEWRITTEN 11. Daniel and Nathan are partners of For Your Purpose Company. It begins its first year of operations on June 1, 2017with the following capital balances:Daniel, CapitalNathan, CapitalP180,000According to the partnership agreement, all profits and losses will be distributed as follows:.Daniel will be allowed an annual salary of P240,000 while Nathan will be allowed a monthly salary ofP28,000;P360,000• The partners will be allowed with interest equal to 15% of the capital balance as of the first day of the year,Nathan will be allowed a bonus of 12% of net income after bonus;The remainder will be divided equally; and.• Each partner is allowed to withdraw up to P18,000 on the first year and up to P24,000 the following yearand for the next three years.Assume that the results of operations in 2017 from the date of formation is P140,000 net income and P70,000 netloss the following year. Assume further that each partner withdrew the maximum amount from the business eachperiod.Which of the following statement is INCORRECT?A. There is a net increase of P24,375 in the capital of Daniel from beginning to end of 2017.B. The capital balance of Nathan at the end of first year is P259,625.C. The capital balance of Daniel at the end of 2018 is P310,731.25.D. The share of Nathan in the net loss in 2018 is a credit to capital of P3,643.75.11

It is given in the question that the partnership business which has been established by the Daniel…

Answered: Which of the following statement is…

Business

Accounting

Which of the following statement is INCORRECT?

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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