What is the answer in nunbers 15, 16, and 17? 15PASO.O00 , 200.00 and 2501000, respectively. their arkeles of co -partnershipCarachico, Peros and Burgos pormed apartnership on san.1,2019, and contrilutedprovided that the operating profit be shared among the partners as follows: assalary, P24,000 for Garachico, P18,000 for Perez, and P12,000 for Burgos; interest of12% on the average capital during 2019 of the three partners; and the balance inthe ratio of 2:4:4, respectively.The operating profit for the year ended Dec, 31, 2019 amounted to P176,000.Garachico contributed additional capital of P30,000 on July 1 and made awithdrawal of P10,000 on Oct. 1; Perez contributed additional capital of P20,000 onAug. 1 and made a withdrawal of P10.000 on Oct. 1; and, Burgos made a withdrawalof P30,000 on Nov. 1.The partners' capital balances on Dec. 31, 2019 areGarachico, P179,680; Perez, P229,360; and, Burgos, P239,360.Garachico, P223,180; Perez, P272,060; and, Burgos, P280,760.Garachico, P189,680; Perez, P239,360; and, Burgos, P269,360.Garachico, P179,760; Perez, P229,520; and, Burgos, P239,520.а.b.С.d.16. Castillo, Labasan and Hollanes are partners with average capital balances during2019 of P472,500, P238,650, and P162,350, respectively. The partners receive 10%interest on their average capital balances; after deducting salaries of P122,325 toCastillo and P82,625 to Hollanes, the residual profits or loss is divided equally.In 2019, the partnership had a loss of P125,624 before the interest and salaries topartners. By what amount should Castillo's and Hollanes' capital account change –increase (decrease)?CastilloHollanesCastilloHollanesP(40,844)Р 28,358Р31,235P(40,448)Р 17,536а.Р30,267С.b.P29,476d.P32,458The partnership agreement of Carlos, Niza and Usop provided for the followingterms on distribution of profits and losses:Carlos is to receive 10% of the profit up to P1,000,000 and 20% on the amount*of excess;Niza and Usop each, are to receive 5% of the remaining profit in excess ofP1,500,000 after Carlos' share as per above;The balance to be divided equally.For the year just ended, the partnership realized a profit of P2,500,000 beforedistribution to partners. The share of Carlos isa, P1,080,000.b. P1,000,000.с. Р1,300,000.d. P1,100,000.а.

Calculation of Interest on Capital Garachico Particular Remarks Cumulative Amount…

Answered: rs 15, | bartleby

Business

Accounting

rs 15,

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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