Instructions: 1. Do not use comma and peso sign (i.e. if your answer is P200,500, encode it as 200500) 2. If your answer is loss use the open and close parenthesis to denote negative, i.e. if your answer is -50,000, encode it as (50000) Problem: Partners Coleen and Norlyn received a salary of P150,000 and P300,000 and will share profit and loss in a 2:1 ratio, respectively. If the partnership suffered a P150,000 loss in 2020, determine how the loss will be distributed to Coleen and Norlyn. 1. Coleen's share on profit or loss 2. Norlyn's share on profit or loss 3. How much is the total amount to be distributed using the 2:1 ratio?

Instructions: 1. Do not use comma and peso sign (i.e. if your answer is P200,500, encode it as 200500) 2. If your answer is loss use the open and close parenthesis to denote negative, i.e. if your answer is -50,000, encode it as (50000) Problem: Partners Coleen and Norlyn received a salary of P150,000 and P300,000 and will share profit and loss in a 2:1 ratio, respectively. If the partnership suffered a P150,000 loss in 2020, determine how the loss will be distributed to Coleen and Norlyn. 1. Coleen's share on profit or loss 2. Norlyn's share on profit or loss 3. How much is the total amount to be distributed using the 2:1 ratio?

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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David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Equipment Accum.Deprec.Equipment AccountsPayable NotesPayable DavidWallace,Capital OlenaDunn,Capital DannyLin,Capital Account balances December 31, 2020 $ 40,300 $ 191,000 $ 102,000 $ 8,300 $ 25,000 $ 44,000 $ 27,000 $ 25,000 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $69,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively. The Schedule is complete, however, I'm struggling with the journal entries. I attached images of the completed schedule to assist with the journal entries. 2. Prepare the liquidation entries (sale of equipment, allocation of gain/loss, payment of creditors, final distribution of cash). 1 Record the sale…
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