PARTNERSHIP OPERATION FOR NUMBERS 5 -7 On January 01, 2021, DEAN, POGI and GUAPO formed DPG Partnership with total agreed capitalization of P1,000,000. The capital interest ratio of the DPG Partnership is 5:1:4 while the profit or loss ration is 3:2:5, respectively for DEAN, POGI and GUAPO. During 2021, DEAN and POGI made additional investments of P200,000 and P500,000, respectively. At the end of 2021, POGI and GUAPO made drawings of P300,000 and P100,000, respectively. On December 31, 2021, the capital balance of POGI is reported at P200,000. 5. What is the net income or net loss of DPG Partnership for the year ended December 31, 2021? 6. What is the capital balance of DEAN on December 31, 2021? 7. What is the capital balance of GUAPO on December 31, 2021?
PARTNERSHIP OPERATION FOR NUMBERS 5 -7 On January 01, 2021, DEAN, POGI and GUAPO formed DPG Partnership with total agreed capitalization of P1,000,000. The capital interest ratio of the DPG Partnership is 5:1:4 while the profit or loss ration is 3:2:5, respectively for DEAN, POGI and GUAPO. During 2021, DEAN and POGI made additional investments of P200,000 and P500,000, respectively. At the end of 2021, POGI and GUAPO made drawings of P300,000 and P100,000, respectively. On December 31, 2021, the capital balance of POGI is reported at P200,000. 5. What is the net income or net loss of DPG Partnership for the year ended December 31, 2021? 6. What is the capital balance of DEAN on December 31, 2021? 7. What is the capital balance of GUAPO on December 31, 2021?
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter11: Stockholders' Equity
Section: Chapter Questions
Problem 11.22E
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Transcribed Image Text:PARTNERSHIP OPERATION
FOR NUMBERS 5-7
On January 01, 2021, DEAN, POGI and GUAPO formed DPG Partnership with total agreed capitalization of
P1,000,000. The capital interest ratio of the DPG Partnership is 5:1:4 while the profit or loss ration is 3:2:5,
respectively for DEAN, POGI and GUAPO.
During 2021, DEAN and POGI made additional investments of P200,000 and P500,000, respectively. At the
end of 2021, POGI and GUAPO made drawings of P300,000 and P100,000, respectively.
On December 31, 2021, the capital balance of POGI is reported at P200,000.
5. What is the net income or net loss of DPG Partnership for the year ended December 31, 2021?
6. What is the capital balance of DEAN on December 31, 2021?
7. What is the capital balance of GUAPO on December 31, 2021?
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