A,B and C are partners in a firm. A and B are to get annual salary of Rs.1,20,000p.a. each as they manage business. Net profit for the year is Rs.4,80,000. Determine the share of profit to be credited to each partner
Q: Jhumpa, Stewart, and Kelly are all one-third partners in the capital and profits of Firewalker…
A: A partner's portion of a limited partnership's earnings and losses, as well as the right to receive…
Q: Partners W, X, Y and Z are partners of WXYZ Partnership who shares profits and losses in the ratio…
A: Answer: Partner Z will not receive any bonus because the net income after deducting the interest,…
Q: EM A e and Ella are partners sharing profits in the ratio of 2:1. On July 1, 20 nterest in the firm…
A: Partnership refers to arrangement which is contractual in nature where persons or individuals come…
Q: Bean and D. Counter formed a partnership. During the current year, the partnership had the following…
A: Deductions allowed from ordinary income=Salary+Payroll…
Q: On January 2, Nyu and Sunu formed a partnership. Nyu contributed capital of 175,000 and Sunu,…
A: Here in this question we are required to calculate bonus amount for Sunu. Partnership is a agreement…
Q: Faith Busby and Jeremy Beatty started the B&B partnership on January 1, 2018. The business acquired…
A: Income Statement, Capital Statement, Balance Sheet and Statement of cash flows are the four…
Q: Pinki, Deepati and Kaku are partner’s sharing profits in the ratio of 5:4:1.Kaku is given a…
A: Given information is: Pinki, Deepati and Kaku are partner’s sharing profits in the ratio of…
Q: The XYZ Associates has three partners, A, B and C. In the first half of year 1, to 30 June, 2019.…
A: Profit and loss appropriation is an account which shows the salary and profit and loss…
Q: equired: You have to prepare profit and loss appropriation account for the XYZ Associates and Show…
A: Profit and loss appropriation account: Profit and loss appropriation account can be defined as the…
Q: Partner Quito had a beginning capital balance of P35,000 and made additional investments of P27,000…
A: A partnership capital account depicts the equity of the partner in a partnership. It includes the…
Q: appropriation account and the current account for
A: Paul and Carl are partner sharing profit in their capital ratio i e 4 : 1 In trial balance Capital…
Q: Sohail, Ali and Aryan are partners with fixed capitals of Rs. 180,000, Rs. 190,000 and Rs. 260,000…
A: Sohail, Ali and Aryan are partners with fixed capitals of Rs. 180,000, Rs. 190,000 and Rs. 260,000…
Q: Paddison and Wager have formed a partnership. During their first year of operations, the partnership…
A: The partnership comes into existence when two or more persons agree to do the business and share…
Q: Item Nos. 17 and 18 are based on the following information: On December 31, 200C, the partnership of…
A: partnership is a form of cooperation where two or more person come together in order to share their…
Q: Partners A and B receive a salary allowance of $35,000 and $45,000, respectively, and share the…
A: Salary allowance : Partners A = $ 35000 Partners B = $ 45000 Share = Equally Company earned = $…
Q: Pebbles Green Enterprise is a partnership business specialising in garden land scaping services. The…
A: Misya…
Q: Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: Anubha and Kajal are partners of a firm sharing profits and losses in the ratioof 2:1. Their…
A: It is assumed that partner's salary, interest on capital and interest on drawings have already…
Q: Abhay, Siddharth and Kusum are partners in a firm, sharing profits in theratio of 5:3:2. Kusum is…
A: Profit and loss Appropriation…
Q: Prepare Profit and Loss Appropriation Account and partners’ capital accounts assuming that their…
A: Roaa and Salma were partners in a firm sharing profits in the ratio of their capitals contributed on…
Q: Sohail, Ali and Aryan are partners with fixed capitals of Rs. 160,000, Rs. 180,000 and Rs. 260,000…
A: To record the distribution of net income among the partners, a profit and loss appropriation account…
Q: Juan and Pedro’s partnership agreement shows that they will receive a salary of P 150,000 and P…
A: Partnership means the two or more people join together to run the business and share the loss and…
Q: Beth, Luz and Ana divide profit and loss in the ratio of 2:1:1 respectively, after giving a monthly…
A: The partnership represents the business type that is run by two or more partners who are agreed to…
Q: Pipoy contributed P 24,000 and Kikay contributed 48,000 to form a partnership, and they agreed to…
A: The cash paid by new partner personally to old partner, is not recorded in the books and hence,…
Q: prepare profit and loss appropriation account for the XYZ Associates
A: Meaning of Profit and Loss Appropriation Account Profit and loss Appropriation account is an…
Q: Partners AIL and Charish capital is 480,000 and 520,000, respectively. They share profit or loss…
A: Admission of a new partner to the partnership firm: In the absence of an agreement to the contrary,…
Q: Pebbles Green Enterprise is a partnership business specialising in garden land scaping services. The…
A:
Q: schnedider and samuels are parnters with capital balances of 15,000 and 25,000 respectively. They…
A:
Q: PJ, Ian, and Lemuel are partners in an accounting firm. Their capital account balances at year-end…
A: The profits among the partners are distributed in profit sharing ratio after adjusting for salaries,…
Q: A partner as a capital balance of P 400,000 for five months, P 500,000 for four months and P 600,000…
A: Partnership is a business form that is conducted by two or more partners in order to earn profit and…
Q: Purkerson, Smith, and Traynor have operated a bookstore balances were as follows: a number of years…
A: A partnership is an agreement wherein 2 or more people agree to work together for a common motive.
Q: John Prado and Ayana Nicks formed a partnership, dividing income as follows:1. Annual salary…
A:
Q: PREPARE THE TRIAL BALANCE
A: Given: Capital contribution of partners are as follows : Maravi - Cash…
Q: Taxation pas thru entities.please help with this question
A:
Q: Partners Dan, Han and Pan, operating a computer store, shares profit and loss on a ratio of 4:4:3.…
A: The partnership comes into existence when two or more persons agree to do the business together and…
Q: Singer and McMann are partners in a business. Singer's original capital was $37,800 and McMann's was…
A: Introduction: Partnership: Its an agreement between two or more partners for forming a business and…
Q: Gomez and Burgos are partners. Their capital balances on the date Zamora is admitted are as follows:…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: Geehan partnership begins its first year of operations with Gee, capital of 160,000 and Han capital…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: In a partnership business, Jack has an ownership of 60% and Teresa has an ownership of 40%. For…
A: Capital invested by partners would increase the capital of the respective partners.
Q: Required: 1. Determine each partner’s share if the first-year profit was $438,000. 2. Independent of…
A: Partner share in the partnership income is the share of income out from the profits as per the terms…
Q: Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business…
A: As posted multiple sub parts we are answering only first three question kindly repost the unanswered…
Q: Alex (A), Bebeto (B), and Carol (C) decide to start a lawn mowing business together and form a…
A: If A invests = $105,000 B invests =$175000 C invests =$ 280000
Q: Chaman, Raman and Suman are partners sharing profits in the ratio of 5:3:2.Raman retires, the new…
A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed…
Q: Rakhi and Shikha are partners in a firm, with capitals of Rs. 2,00,000 andRs, 3,00,000 respectively.…
A:
Q: Ramesh and Suresh were partners in a firm sharing profits in the ratio of theircapitals contributed…
A:
Q: Josee is a 1/3 partner in HJC Partnership. This year, the partnership had the following…
A: Only those transactions which are not related to the day to day transactions of the business are to…
Q: profits on the ratio 3:2. Partner’s Paru-paru Gee will receive a yearly bonus of 20% of the profits…
A: Share of partnership profit includes the amount paid to partners out of partnership profit on…
Q: Rockford, Skeeba, and Tapinski are partners in a business which manufactures specialty railings.…
A: Under Income Allocation Statement, all of the partnership income must be divided to all the partners…
A,B and C are partners in a firm. A and B are to get annual salary of Rs.1,20,000p.a. each as
they manage business. Net profit for the year is Rs.4,80,000. Determine the share of profit to
be credited to each partner
Step by step
Solved in 2 steps with 3 images
- Victoria, Wilda and Xenia are partners in a consultancy firm which commenced its operation on July 1, 2018. Victoria is the managing partner. As per agreement for sharing profits, the managing partner will receive a salary of P12,000 per month and the remaining profit will be shared by the partners equally. On December 31, 2018, the firm determined that its income was P 300,000. How much will Wilda receive as her share in the profit? A. P 76,000 B. P 96,000 C. P 52,000 D. P 84,000Faith Busby and Jeremy Beatty started the B&B partnership on January 1, Year 1. The business acquired $93,000 cash from Busby and $207,000 from Beatty. During Year 1, the partnership earned $62,900 in cash revenues and paid $34,050 for cash expenses. Busby withdrew $2,900 cash from the business, and Beatty withdrew $4,700 cash. The net income was allocated to the capital accounts of the two partners in proportion to the amounts of their original investments in the business. Required Prepare an income statement, capital statement (statement of changes in equity),Sally and Andy are partners in Just Hats, LLC. Andy works in the business for an agreed salary draw of $4,000 per month. Sally has invested $200,000 in the business and Andy invested $100,000. THe net income of the business is $168,000 for the year. Income is distributed based on the investment of each partner after allocation for salary. How much net income is allocated to Sally?
- Rachelle, Patrick, and Lorreyn formed the RPL Professional Partnership on April 1, 20X2, by contributing capital. They agreed that Lorreyn would receive P20,000 as manager of the firm, and the remainder will be divided according to the profit ratio of 34%, 44%, 22%, respectively. At the end of the month, the company had a net loss of P900,000. Discuss how the loss shall be distributed in no more than five (5) sentences.Anubha and Kajal are partners of a firm sharing profits and losses in the ratioof 2:1. Their capital, were Rs.90,000 and Rs.60,000. The profit during the year were Rs. 45,000. According to partnership deed, both partners are allowed salary, Rs. 700 per month to Anubha and Rs. 500 per month to Kajal. Interest allowed on capital @ 5%p.a. The drawings at the end of the period were Rs. 8,500 for Anubha and Rs. 6,500 for Kajal. Interest is to be charged @ 5% p.a. on drawings. Prepare partners capital accounts, assuming that the capital account are fluctuating.A, B and C are partners in the accounting firm. Their capital account balances at year end were:A - P 90,000B- P 110,000C- P 50,000.They share profits and losses in a 4:4:2 ratio, after the following special terms:1. Partner C is to receive a bonus of 10% of the net income after bonus.2. Interest of 10% shall be paid on that portion of a partner's capital in excess of P 100,0003. Salaries of P 10,000 and P 12,000 shall be paid to partners A and C, respectively.Assuming a net income of P 44,000 for the year, the total profit share of partner C would be:
- 3. Bunag, Belen, and Bustos are partners in an accounting firm. Their capital account balances at year-end were P180,000, P220,000, and P100,000, respectively. They share profits and losses on a 4:4:2, ratio respectively, after considering the following terms: a. Bustos is to receive a bonus of 10% of profit after deducting bonus b. Interest of 10% shall be paid on that portion of a partner’s capital in excessof P200,000. c. Salaries of P20,000 and P24,000 shall be paid to partners Bunag and Bustos,respectively. Assuming a profit of P220,000 for the year. REQUIRED: Prepare the following:A. Profit or Loss Distribution TableB. Corresponding JOURNAL ENTRY to distribute profit or lossA, B, and C are partners in an accounting firm. Their capital account balances at the year-end were A P120,000; B P140,000; C P80,000. They share profits and losses on a 3:3:4 ratio, after the following special terms: Interest of 10% shall be paid on that portion of a partner's capital in excess of P100,000. Quarterly salaries of P5,000, P5,000 and P6,000 shall be paid to partners A, B, and C, respectively. Partner C is to receive a bonus of 10% of net income after salaries, interest and bonus. Assuming a net income of P60,000 for the year, the total profit share of partner C was:Partners A and B receive a salary allowance of $35,000 and $45,000, respectively, and share the remainder equally. If the company earned $50,000 during the period, what is the effect on A’s capital?
