CABLES Trading, a partnership formed by Carlo and Jamie, have the following data in its books:1Carlo, CapitalP50,000 Jan 1 Balance.Feb 28P300,000June 120,000Oct 175,000P345,000Jamie, CapitalAug 12,000 Jan 1 BalanceNov 110,000 May 1Dec 15.000Carlo, DrawingJan 1-Dec 3120,000Jamic, Drawing30,000Jan 1-Dec 31Income SummaryDec 31P750,000Carlo and Jamie agreed to divide remaining profits equally after giving 5% interest on peso monthaverage capital to partners and to Jamie a 10% bonus on the net income.How much would be Jamie's share in the net income?P410,00025,000P418,000

In this Question To calculate Jame Share in Net Income Firstly we need to calculate Interest on…

CABLES Trading, a partnership formed by Carlo and Jamie, have the following data in its books: 1 Carlo, Capital P50,000 Jan 1 Balance. Feb 28 P300,000 June 1 20,000 Oct 1 75,000 P345,000 Jamie, Capital Aug 1 2,000 Jan 1 Balance Nov 1 10,000 May 1 Dec 1 5,000 Carlo, Drawing Jan 1-Dec 31 20,000 Jamie, Drawing 30,000 Jan 1-Dec 31 Income Summary Dec 31 P750,000 Carlo and Jamie agreed to divide remaining profits equally after giving 5% interest on peso month average capital to partners and to Jamie a 10% bonus on the net income. How much would be Jamie's share in the net income? P410,000 25,000 P418,000

CABLES Trading, a partnership formed by Carlo and Jamie, have the following data in its books: 1 Carlo, Capital P50,000 Jan 1 Balance. Feb 28 P300,000 June 1 20,000 Oct 1 75,000 P345,000 Jamie, Capital Aug 1 2,000 Jan 1 Balance Nov 1 10,000 May 1 Dec 1 5,000 Carlo, Drawing Jan 1-Dec 31 20,000 Jamie, Drawing 30,000 Jan 1-Dec 31 Income Summary Dec 31 P750,000 Carlo and Jamie agreed to divide remaining profits equally after giving 5% interest on peso month average capital to partners and to Jamie a 10% bonus on the net income. How much would be Jamie's share in the net income? P410,000 25,000 P418,000

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter19: Accounting For Partnerships

Section: Chapter Questions

Problem 1CE

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