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.

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?

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

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

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?

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.