3.14 Cue and Peed entered into a partnership on March 1, 200A. They agreed that Cue, the managing partner was to receive a salary allowance of P 24,000 per year and a bonus of 10% of the net profit after the salary allowance but before the bonus. The balance is to b e distributed in the ratio of their initial capital. Selected ledger accounts on December 31, 200A prior to adjustments showed the M. following balances: oi Sales inssonge gohsla 2201 bas P 300,000 2990swol 3,000 ollo 0130uod visoo 180,000oo0 Sales Returns Purchases pouna Operating Expenses bs 12s1Stai sTo 48,000 boolle d Cue Capital Cue Drawing Peed Capital Peed Drawing 200,000 100020,000 bns Jor 000 100,000 10,000 as follows: Office Inventories at year-end were supplies, P 810 and merchandise, P 50,000. Prepaid insurance of P 1,200 and accrued expenses of P 400 are to be recognized. Depreciation of P 4,000 is to be provided. REQUIRED: Prepare the Statement of Partners' Equity for the 10- osn1 month period ended December 31, 200A. v

Exercise 3-8. Distribution of Net Income to partners On March 1, 2023 Glenda and Harry formed GH Partnership with initial investment of P800,000 and P1,200,000, respectively. Glenda is appointed as the managing partner. The articles of co-partnership provides that profit or loss shall be distributed accordingly: 10% interest on original capital contribution ratio. Monthly salary of P10,000 and P5,000 respectively for Glenda and Harry. . Glenda shall be entitled to bonus equivalent to 10% of net income after interest, and salary. The remainder shall be distributed in ratio of 4:6 for Glenda and Harry, respectively. ● For the year ended December 31, 2023, the partnership reported net income of P1,000,000. Required: Compute for the share in net income of Glenda for the year ended December 31, 2023.

The balance in Xue's capital account includes an additional investment of $10,000 made on May 5, 20Y2. Instructions: 1. Prepare an income statement for 20Y2, indicating the division of net income. The partnership agreement provides for salary allowances of $38,000 to Ramirez and $46,000 to Xue, allowances of 10% on each partner's capital balance at the beginning of the fiscal year, and equal division of the remaining net income or a net loss. 2. prepare a statement of partnership equity for 20Y2. 3. Prepare a balance sheet as of the end of 20Y2.

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