Arun and Margot want to admit Tammy as a third partner for their partnership. Their capital balances prior to Tammys admission are $50,000 each. Prepare a schedule showing how the bonus should be divided among the three, assuming the profit or loss agreement will be 1:3 once Tammy has been admitted and her contribution is: A. $20,000 B. $80,000 C. $50,000. In addition, show the resulting journal entries to each of the three partners capital accounts.

On March 1, 2021, Candace and Noreen formed a partnership with each contributing the following assets:                               NOREEN                  CANDACE Cash                     140,000                        60,000  Office Equipment   150,000                      50,000 Building                  450,000 Furniture and Fixtures                               20,000The building is subject to a mortgage loan of P180,000, which is to be assumed by the partnership. The partnership agreement provides that Candace and Noreen share profits and losses at 30% and 70%, respectively. Assuming that the partners agreed to bring their respective capital in proportion to their P&L ratios, and using Noreen capital as the base.   Compute the capital account balance of Noreen as of March 1, 2021 Compute the additional cash to be invested by Candace

XX, YY and ZZ formed a partnership on January 1, 2015. Each contributed P120,000 3. Salaries were to be allocated as follows: XX YY zz P30,000 P30,000 P45,000 Drawings were equal to salaries and be taken out evenly throughout the year With sufficient partnership net income, XX and YY could split a bonus equal to 25 percent of partnership net income after salaries and bonus (in no event could the bonus go below zero). Remaining profits were to be split as follows: 30% for XX; 30% for YY and 40% for Zz For the year, partnership net income was P120,000 Compute the ending capital for each partner: XX, P155,100; YY, P155,100; ZZ, P169,800 а. b. XX, P126,000; YY, P126,000; ZZ, P124,500 XX, P125,500; YY, P125,500; ZZ, P124,000 С. d. XX, P125,100; YY, P125,100; ZZ, P124,800

P, A and L formed a partnership and have average capital balances of P195,000, 246,000 and 294,000 each respectively for 2018. Their articles of co-partnership provide that the operating income be shared among the partners as follows: as salary, P20,000 for P, P22,000 for A, and P15,000 for L; interest of 10% on the average capital during 2018 for the three partners; a 10% bonus to A; and the remainder in the ratio 2:4:4, respectively. The operating income for the year ending December 31, 2018 after partners’ salaries and bonus amount to P105,000. The partnership agreement also states that L should receive a minimum of P60,000 as his share in partnerhsip operations. What is the net income for the year and the share of P in the net income? A. 22,300 C. 44,800 B. 25,800 D. 45,800

A and B formed a partnership on February 28, 2022 by contributing P430,000 and P570,000, respectively. The operations of the partnership for 2022 resulted to a profit of P375,000. Partners A and B agreed to the following allocation scheme: a. Weekly salary allowance of P1,000 is to be given to Partner A; b. 5% interest is to be credited to the partners; c. Bonus of 10% based on profit after salaries and interest to B. d. Residual income is to be allocated equally. How should the profit be allocated to A and B, respectively?

X and Y enter into a partnership on 1st April, 2014 with capitals of $ 20,000 and $ 40,000 respectively. As per partnership Deed. X and Y are entitled to receive Salary of $ 200 per month and $ 300 per month respectively. (i) (ii) (iii) Interest on Capital is to allowed at the rate of 6% p.a. The profit sharing ratio of X and Y will be 1:1. Profit earned during the year 2014-15 amounted to $ 50,000. Give Journal entries and prepare the Profit and Loss Appropriation Account.

David and Isac are in partnership, sharing profits 3:2. On 1 July 2020 Casey joins the partnership. Under the new partnership agreement profits will be shared by David, Isac, and Casey 5:3:2 respectively with the following annual salaries. Isac £30,000 pa Casey £38,000 pa Profit accrues evenly over the year. The partnership profit for the year at 31 Dec 2020 was £450,000. What was the allocated profit as 31 Dec 2020 for David, Isac, and Casey?