Y and Z formed a partnership on Jnauary 1, 2021, and contributed P150,000; P200,000, P300,000, respectively. Their artides of co-partnership provide that the operating income be shared among partners as follows: as salary, P24,000 for X; P18,000 for Y; and P12,000 for Z interest of 12% on the average capital during 2021 of the three partners; and the remainder in the ratio of 4:2:4, respectively. The operating income for the year-end December 31, 2021 amounted to P200,000. X contributed additional capital of P30,000 on July 1, and made a drawing of P10,000 on October 1; Y contributed additional capital of P20,000 on August 1, and made a drawing of P10,000 on October 1; and Z made a drawing of P30,000 on November 1, 2021. How much is the shared profit of partner X?*

Y and Z formed a partnership on Jnauary 1, 2021, and contributed P150,000; P200,000, P300,000, respectively. Their artides of co-partnership provide that the operating income be shared among partners as follows: as salary, P24,000 for X; P18,000 for Y; and P12,000 for Z interest of 12% on the average capital during 2021 of the three partners; and the remainder in the ratio of 4:2:4, respectively. The operating income for the year-end December 31, 2021 amounted to P200,000. X contributed additional capital of P30,000 on July 1, and made a drawing of P10,000 on October 1; Y contributed additional capital of P20,000 on August 1, and made a drawing of P10,000 on October 1; and Z made a drawing of P30,000 on November 1, 2021. How much is the shared profit of partner X?*

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...

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X, Y, and Z formed a partnership on Jnauary 1, 2021, and contributed P150,000; P200,000; P300,000, respectively. Their articles of co-partnership provide that the operating income be shared among partners as follows: as salary, P24,000 for X; P18,000 for Y; and P12,000 for Z; interest of 12% on the average capital during 2021 of the three partners; and the remainder in the ratio of 4:2:4, respectively. The operating income for the year-end December 31, 2021 amounted to P200,000. X contributed additional capital of P30,000 on July 1, and made a drawing of P10,000 on October 1; Y contributed additional capital of P20,000 on August 1, and made a drawing of P10,000 on October 1; and Z made a drawing of P30,000 on November 1, 2021. How much is the capital balance at the end of partner X?
X, Y, and Z formed a partnership on Jnauary 1, 2021, and contributed P150,000; P200,000; P300,000, respectively. Their articles of co-partnership provide that the operating income be shared among partners as follows: as salary, P24,000 for X; P18,000 for Y; and P12,000 for Z: interest of 12% on the average capital during 2021 of the three partners; and the remainder in the ratio of 4:2:4, respectively. The operating income for the year-end December 31, 2021 amounted to P200,000. X contributed additional capital of P30,000 on July 1, and made a drawing of P10,000 on October 1; Y contributed additional capital of P20,000 on August 1, and made a drawing of P10,000 on October 1; and Z made a drawing of P30,000 on November 1, 2021. How much is the average capital of partner X?*
X, Y, and Z formed a partnership on Jnauary 1, 2021, and contributed P150,000; P200,000; P300,000, respectively. Their articles of co-partnership provide that the operating income be shared among partners as follows: as salary, P24,000 for X; P18,000 for Y; and P12,000 for Z: interest of 12% on the average capital during 2021 of the three partners; and the remainder in the ratio of 4:2:4, respectively. The operating income for the year-end December 31, 2021 amounted to P200,000. X contributed additional capital of P30,000 on July 1, and made a drawing of P10,000 on October 1: Y contributed additional capital of P20,000 on August 1, and made a drawing of P10,000 on October 1, and Z made a drawing of P30.000 on November 1. 2021. How much is the capital balance at the end of partner Z?
X, Y, and Z formed a partnership on Jnauary 1, 2021, and contributed P150,000; P200,000; P300,000, respectively. Their articles of co-partnership provide that the operating income be shared among partners as follows: as salary, P24,000 for X: P18,000 for Y: and P12,000 for Z: interest of 12% on the average capital during 2021 of the three partners; and the remainder in the ratio of 4:2:4, respectively. The operating income for the year-end December 31, 2021 amounted to P200,000. X contributed additional capital of P30,000 on July 1, and made a drawing of P10,000 on October 1; Y contributed additional capital of P20,000 on August 1. and made a drawing of P10,000 on October 1: and Z made a drawing of P30,000 on November 1, 2021. How much is the shared profit of partner Y?
-X. Y, and Z formed a partnership on Jnauary 1, 2021, and contributed P150,0003; P200,000; P300,000, respectively. Their articles of co-partnership provide that the operating income be shared among partners as follows: as salary, P24,000 for X; P18,000 for Y; and P12,000 for Z; interest of 12% on the average capital during 2021 of the three partners; and the remainder in the ratio of 4:2:4, respectively. The operating income for the year-end December 31, 2021 amounted to P200,000. X contributed additional capital of P30,000 on July 1, and made a drawing of P10,000 on October 1; Y contributed additional capital of P20,000 on August 1, and made a drawing of P10,000 on October 1; and Z made a drawing of P30,000 on November 1, 2021. How much is the shared profit of partner Z? *
X. Y. and Z formed a partnership on Inauary 1, 2021, and contributed P150.000; P200,000 P300.000, respectively. Their articles of co-partnership provide that the operating income be shared among partners as follows as salary, P24.000 for XP18.000 for Y. and P12,000 for Z interest of 12% on the average capital during 2021 of the three partners and the remainder in the ratio of 424 respectively. The operating income for the year-end December 31, 2021 amounted to P200,000 X contributed additional capital of P30.000 on July 1, and made a drawing of P10.000 on October 1. Y contributed additional capital of P20.000 on August 1 and made a drawing of P10.000 on October 1: and Z made a drawing of P30.000 on November 1, 2021. How much is the capital balance at the end of partner Y?
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?
Partners A and B formed a partnership on January 1, 2020 where Partner A invested P500,000 while Partner B invested P300,000. Profit and loss as agreed upon by partners is to be shared in the ratio of the original capital. The drawing accounts of Partners A and B have debit balances of P24,000 and P12,000 respectively. Net income for the period ending December 31, 2020 amounted to P180,200. What is capital balance of Partner B for the year ending December 31, 2020?
33.X, Y, and Z formed a partnership on Jnauary 1, 2021, and contributed P150,000; P200,000; P300,000, respectively. Their articles of co-partnership provide that the operating income be shared among partners as foliows: as salary, P24,000 for X; P18,000 for Y; and P12,000 for Z; interest of 12% on the average capital during 2021 of the three partners; and the remainder in the ratio of 4:2:4, respectively. The operating income for the year-end December 31, 2021 amounted to P200,000. X contributed additional capital of P30,000 on July 1, and made a drawing of P10,000 on October 1; Y contributed additional capital of P20,000 on August 1, and made a drawing of P10,000 on October 1; and Z made a drawing of P30,000 on November 1, 2021. How much is the shared profit of partner X?
Sam, Lam, Lim are partners with a capital investment of P20,000-P30,000- P40,000 respectively. On December 31 2019 after a year of operation, the partnership made a net profit of P80,000. Required: Compute for the division of net profit under each of the enumerated methods of dividing profit and losses. Give the journal entry to close the net profit to capital accounts under each method. 1. Ratio of partner's capital at the beginning of period 2. Interest of 12% allowed on partners capital equity and the balance divided equally 3. Salaries of Sam is P600, Lam P700 and Lim P800 for each partner and the balance is divided equally
X and Y are partners sharing profits 6:4, respectively. Capital accounts as of October 1, 2021 are: X-P 560,000, YP 480,000. They agree to admit Z as a new partner with an investment of P260,000 for a ¼ interest in the partnership and that the assets are fairly valued, what would be the capital of Y after the admission of Z?
49. X, Y, and Z formed a partnership on Jnauary 1, 2021, and contributed P150,000; P200,000 P300.000, respectively. Their articles of co-partnership provide that the operating income be shared among partners as follows: as salary. P24,000 for X; P18,000 for Y, and P12.000 for Z interest of 12% on the average capital during 2021 of the three partners; and the remainder in the ratio of 4:2:4, respectively. The operating income for the year-end December 31 2021 amounted to P200,000 X contributed additional capital of P30,000 on July 1, and made a drawing of P10,000 on October 1Y contributed additional capital of P20.000 on August 1, and made a drawing of P10,000 on October 1: and Z made a drawing of P30000 cn November 1 2021 How much is the capital balance at the end of partner Y?