developed in part a(3). etd 189fc64d53a0a6a71 PROBLEM C.11 Dividing Partnership Profit and LossLOC-10 Rothchild Furnishings, Inc., has three partners-Axle, Brandt, and Conrad. At the beginning of the current year their capital balances were: Axle, $180,000; Brandt, $140,000; and Conrad, $80,000. The partnership agreement provides that partners shall receive salary allowances as follows: Axle, $10,000; Brandt, $50,000; and Conrad, $28,000. The partners shall also be allowed 12 percent interest annually on their capital balances. Residual profit or loss is to be divided: Axle, one-half; Brandt, one-third; and Conrad, one-sixth. Instructions Prepare separate schedules showing how income will be divided among the three partners in each of the following cases. The figure given in each case is the annual partnership net income or loss to be allocated among the partners. Round calculations to the nearest dollar. a. Income of $526,000. b. Income of $95,000. c. Loss of $32,000. PROBLEM C.12 Who…

Problem 2: Statement of Changes in Equity - Partnership The following are taken from the accounting records of JFK Partnership. December 31, 2020 December 31, 2021 James, Capital P54,900 P64,900 Christine, Capital 53,200 63,900 Lolly, Capital 44,890 50,890 The partnership generated net income of P51,600 in 2020. According to the partnership contract, James, Christine and Lolly share profit and loss equally. The partnership contract allows each partner to withdraw P1,000 monthly. James and Christine each contributed P5,000 during the year. Loll did not make any contributions during the year. Required: 1. Prepare the partnership's Statement of Changes in Equity. 2. Determine if any of the partners violated the partnership contract provision on Drawings. Identify who among the partners it is.

Partnership Dissolution 1. The partnership of A, B, & C agree to sell D one-fourth of their respective capital and profit and loss interest in exchange for a total payment of P20,000. The partners capital balances and profit and loss ratio are as follows: A (60%), P50,000; B (30%), P40,000; C (10%), P 20,000. If assets are to be revalued prior to the admission of D, how much is the capital balances of A, B, C after admission of D? 2.The computation of sale or settlement of the share or interest in a partnership is the same in retirement, withdrawal, insolvency/incapacity and death of any of the partners if: a. If the sale or settlement is approved by all the remaining partners. b. If sale or settlement is approved by the retiring, withdrawing partner or his administrator in case of death or incapacity. c. The partners have equal interest in the partnership. d. All facts and circumstances are the same and the only distinction is the reason for disassociation. 3.Va and Vo form a…