XX, YY and ZZ formed a partnership on January 1, 2015. Each contributed P120,000 Salaries were to be allocated as follows: XX YY ZZ P30,000 P30,000 P45,000 Drawings were equal to salaries and be taken out evenly throughout the year With sufficient partnership net income, XX and YY could split a bonus equal to 25 percent of partnership net income after salaries and bonus (in no event could the bonus go below zero). Remaining profits were to be split as follows: 30% for XX; 30% for YY and 40% for ZZ For the year, partnership net income was P120,000 Compute the ending capital for each partner: XX, P155,100; YY, P155,100; ZZ, P169,800 a. b. XX, P126,000; YY, P126,000; ZZ, P124,500 c. XX, P125,500; YY, P125,500; ZZ, P124,000 d. XX, P125,100; YY, P125,100; ZZ, P124,800 3.

XX, YY and ZZ formed a partnership on January 1, 2015. Each contributed P120,000 Salaries were to be allocated as follows: XX YY ZZ P30,000 P30,000 P45,000 Drawings were equal to salaries and be taken out evenly throughout the year With sufficient partnership net income, XX and YY could split a bonus equal to 25 percent of partnership net income after salaries and bonus (in no event could the bonus go below zero). Remaining profits were to be split as follows: 30% for XX; 30% for YY and 40% for ZZ For the year, partnership net income was P120,000 Compute the ending capital for each partner: XX, P155,100; YY, P155,100; ZZ, P169,800 a. b. XX, P126,000; YY, P126,000; ZZ, P124,500 c. XX, P125,500; YY, P125,500; ZZ, P124,000 d. XX, P125,100; YY, P125,100; ZZ, P124,800 3.

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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