EXERCISE 7. Journal Entries. Catriona and Pia are partners who contributed P100,000 and P70,000, respectively, to the partnership upon its inceptionin 2018. The 2021 partnership ledger showed the following movements in their capital accounts:Catriona, CapitalJan. 1300,000Apr. 1Jul. 1100,000Oct. 1190,000Pia, CapitalJan. 1200,000Oct. 140,000Apr. 1150,000Dec. 175.000Profit of the partnership for 2021 was P280,000.Prepare and upload journal entries related to profit distribution under the following independent cases, assuming permanent capital balances are notmaintained and Catriona and Pia agreed to share profits and losses:1. In the ratio 3:2, respectively2. According to original capital3. According to beginning capital4. According to average capital5. According to ending capital20,000

According to this question, we are required to prepare the journal entries with reference to the…

B Pia, Capital Jan. 1 200,000 Oct. 1 40,000 Apr. 1 150,000 Dec. 1 75,000 Profit of the partnership for 2021 was $280,000. Prepare and upload journal entries related to profit distribution under the following independent cases, assuming permanent capital balances are not maintained and Catriona and Pia agreed to share profits and losses: 1. In the ratio 3:2, respectively 2. According to original capital 3. According to beginning capital 4. According to average capital 5. According to ending capital

B Pia, Capital Jan. 1 200,000 Oct. 1 40,000 Apr. 1 150,000 Dec. 1 75,000 Profit of the partnership for 2021 was $280,000. Prepare and upload journal entries related to profit distribution under the following independent cases, assuming permanent capital balances are not maintained and Catriona and Pia agreed to share profits and losses: 1. In the ratio 3:2, respectively 2. According to original capital 3. According to beginning capital 4. According to average capital 5. According to ending capital

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 2PA: Arun and Margot want to admit Tammy as a third partner for their partnership. Their capital balances...

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