Connect Access Card for Financial Accounting: Information and Decisions
8th Edition
ISBN: 9781259662966
Author: John J Wild
Publisher: McGraw-Hill Education
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1. A and B are capitalist partners while C is an industrial partner. There is no agreement as to the profits and losses. The partnership realized profit in the amount of P150,000.
a. The share of C in the profits shall be?
b. Suppose instead of profit, the partnership suffered loss in the same amount of P150,000. The share of the capitalist partners in the loss shall be?
c. Suppose instead of profit, the partnership suffered loss in the same amount of P150,000. The share of the industrial partner in the loss shall be?
2. A is the managing partner of AB Partnership. X is personally indebted to A for P25,000 and the partnership P75,000. When both debts mature, X pays A P10,000 and the latter issued a receipt for his personal credit. How shall the payment for P10,000 be applied?
Please help me with these questions, I don't get it. Thank you
The partnership obtained a profit for the period. Salaries were distributed, and so are the interests on beginning capital balances. The next step to be done is to provide bonus to one of the partners. After calculating the bonus and had it given to the partner, the net income became insufficient. What should be done regarding this matter?
a. Continue to provide the bonus and the insufficiency should be divided among the partners.
b. The bonus should not be given anymore, and the remaining balance to be divided among the partners.
c. The whole amount of profit should be divided among the partners equally.
d. None of the given.
Answer this please and also how does the salary for the 12thmonth in number 3 is 96000. Explain also thank you
Problem #2
Lester and Stephen formed a partnership with capital contributions of P300,000 and P700,000, respectively. During its first year of operations, the partnership suffered a loss of P50,000.
Prepare a schedule showing the division of profit between the partners under each of the following independent assumptions:
Loss is agreed to be divided equally.
There is no profit or loss sharing agreement.
A monthly salary of P8,000 will be given to Lester and the balance divided in the ratio of their capital balances.
A monthly salary of P8,000 will be given to Lester, 6% interest will be allowed on the capital balances of each partner; and the balance divided equally.
Chapter D Solutions
Connect Access Card for Financial Accounting: Information and Decisions
Ch. D - Prob. 1DQCh. D - Prob. 2DQCh. D - Prob. 3DQCh. D - Prob. 4DQCh. D - Prob. 5DQCh. D - Prob. 6DQCh. D - Prob. 7DQCh. D - Prob. 8DQCh. D - Prob. 9DQCh. D - Prob. 10DQ
Ch. D - Prob. 11DQCh. D - Prob. 12DQCh. D - Prob. 1QSCh. D - Prob. 2QSCh. D - Prob. 3QSCh. D - Prob. 4QSCh. D - Prob. 5QSCh. D - Prob. 6QSCh. D - Prob. 7QSCh. D - Prob. 8QSCh. D - Prob. 1ECh. D - Prob. 2ECh. D - Prob. 3ECh. D - Prob. 4ECh. D - Prob. 5ECh. D - Prob. 6ECh. D - Prob. 7ECh. D - Prob. 8ECh. D - Prob. 9ECh. D - Prob. 10ECh. D - Prob. 11ECh. D - Prob. 12ECh. D - Prob. 1PSACh. D - Prob. 2PSACh. D - Prob. 3PSACh. D - Prob. 4PSACh. D - Prob. 5PSACh. D - Prob. 1PSBCh. D - Prob. 2PSBCh. D - Prob. 3PSBCh. D - Prob. 5PSBCh. D - Prob. 3BTN
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