Villanueva and Mulles are partners sharing profits in the ratio 3:2. On Jan. 1, 2016,Lucena joined the partnership and the new profit sharing ratio is as follows:Villanueva 40%, Mulles 30% and Lucena 30%. Profits for the year ended June 30,2016 were:6 months ended Dec. 31, 20156 months ended June 30, 2016P300,000P450,000An irrecoverable debt of P50,000 was written off in the six months to June 30 incomputing the P450,000 profit. It was agreed that this expense should be borne byVillanueva and Mulles only. What is Villanueva's total profit share for the yearended June 30, 2016?a. P330,000b. P310,000c. P340,000d. P350,000

Villanueva and Mulles are partners sharing profits in the ratio 3:2. On Jan. 1, 2016. Lucena joined the partnership and the new profit sharing ratio is as follows: Villanueva 40%, Mulles 30% and Lucena 30%. Profits for the year ended June 30, 2016 were: P300,000 P450,000 6 months ended Dec. 31, 2015 6 months ended June 30, 2016 An irrecoverable debt of P50,000 was written off in the six months to June 30 in computing the P450,000 profit. It was agreed that this expense should be borne by Villanueva and Mulles only. What is Villanueva's total profit share for the year ended June 30, 2016? a. P330,000 b. P310,000 c. P340,000 d. P350,000

Villanueva and Mulles are partners sharing profits in the ratio 3:2. On Jan. 1, 2016. Lucena joined the partnership and the new profit sharing ratio is as follows: Villanueva 40%, Mulles 30% and Lucena 30%. Profits for the year ended June 30, 2016 were: P300,000 P450,000 6 months ended Dec. 31, 2015 6 months ended June 30, 2016 An irrecoverable debt of P50,000 was written off in the six months to June 30 in computing the P450,000 profit. It was agreed that this expense should be borne by Villanueva and Mulles only. What is Villanueva's total profit share for the year ended June 30, 2016? a. P330,000 b. P310,000 c. P340,000 d. P350,000

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 3SEB

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The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $40,000 B. $25,000 C. ($5,000) In addition, show the resulting entries to each partners capital account. Tatums capital account balance is $50,000 and Brooks is $60,000.
Villanueva and Mulles are partners sharing profits in the ratio 3:2. On Jan. 1, 2018, Lucena joined the partnership and the new profit sharing ratio is as follows: Villanueva 40%, Mulles 30% and Lucena 30%. Profits for the year ended June 30,2018 were: 6 months ended Dec. 31, 2017 P300,0006 months ended June 30, 2018 P450,000 An irrecoverable debt of P50,000 was written off in the six months to June 30 in computing the P450,000 profit. It was agreed that this expense should be borne by Villanueva and Mulles only. What is Villanueva’s total profit share for the year ended June 30, 2018?
Villanueva and Mulles are partners sharing profits in the ratio of 3:2. On Jan 1,, 2019. Lucena joined the partnership and the new profit sharing ratio is as follows: Villanueva-40%, Mulles-30% and Lucena-30%. Profits for the year ended June 30, 2019 were: ^ months ended Dec. 31,, 2018 - P300.000; 6 months ended June 30, 2019 - P450,000. An irrecoverable debt of P50,000 was written off in the six months to June 30 in computing the P450,000 profit. It was agreed that this expense should be borne by Villanueva and Mules only. What is Villanueva's total profit share for the year ended June 30, 2019? 5 points a. P330,000 b. P310,000 c. P340,000 d. P350,000
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YES Partnership started operations on January 2, 2016 with the following capital balances: Yves P88,000 Ernest 64,000 Serge 90,000 Their profit and loss agreement has the following provisions: Yves will be given an annual salary of P16,000 and Serge P8,000 All partners will be given 10% interest on beginning capital balances every year The balance of the profit, or the loss, will be divided on a 2:3:5 to Yves, Ernest and Serge, respectively. Each partner is allowed to withdraw up to P8,000 every year In 2016, partnership operations resulted in a net loss of P16,000, while in 2017, it was a net profit of P32,000. All partners withdrew the maximum amount of P8,000 each year. Required: Compute for the following: Share in Net Profit or Net Loss for 2016 and 2017 Ending Capital of each partner for 2016 and 2017
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