7. The partners of MMK Partnership are Mara, Mira and Kara. During the current year, their average capital balances are as follows: Mara - P 140,000; Mira – P 100,000; Kara – P 120,000. The articles of partnership provided the following terms: 1. Annual interest of 5% on their average capital balances. 2. Salary allowances as follows: Mara - P 40,000 and Mira - P 60,000. 3. Mira shall receive bonus of 20% of income in excess of P25,000 after partner's interest and Salary allowances. 4. Residual profits shall be divided in the ratio of 2:2:6 to Mara, Mira and Kara. How much will Mira receive if the net income earned is P 155,000?

7. The partners of MMK Partnership are Mara, Mira and Kara. During the current year, their average capital balances are as follows: Mara - P 140,000; Mira – P 100,000; Kara – P 120,000. The articles of partnership provided the following terms: 1. Annual interest of 5% on their average capital balances. 2. Salary allowances as follows: Mara - P 40,000 and Mira - P 60,000. 3. Mira shall receive bonus of 20% of income in excess of P25,000 after partner's interest and Salary allowances. 4. Residual profits shall be divided in the ratio of 2:2:6 to Mara, Mira and Kara. How much will Mira receive if the net income earned is P 155,000?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1PB: The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a...

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The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a $7,000 salary and Sue receives a $6,500 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $10,000 B. $5,000 C. ($12,000) In addition, show the resulting entries to each partners capital account.
The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have capital balances of $45,000 each. Prepare a schedule showing how the bonus should be divided if Ashanti joins the partnership with a $60,000 investment. The partners new agreement will share profit and loss in a 1:3 ratio.
7. The partners of MMK Partnership are Mara, Mira and Kara. During the current year, their average capital balances are as follows: Mara – P 140,000; Mira – P 100,000; Kara -P 120,000. The articles of partnership provided the following terms: 1. Annual interest of 5% on their average capital balances. 2. Salary allowances as follows: Mara – P 40,000 and Mira – P 60,000. 3. Mira shall receive bonus of 20% of income in excess of P25,000 after partner's interest and Salary allowances. 4. Residual profits shall be divided in the ratio of 2:2:6 to Mara, Mira and Kara. How much will Mira receive if the net income earned is P 155,000? x1 Page: 1/2 Section: 1/1 Setvalue: 4.Sin Row: 16 Column 43 Words: 937 a Spell Check 193% - +
1.The partners of Triple A Partnership are Adah, Ana and Ara. During the current year, their average capital balances are as follows: Adah – P 180,000; Ana – P160,000; Ara – P 150,000. The articles of partnership provided the following terms: 1. Annual interest of 8% on their average capital balances. 2. Salary allowances as follows: Adah – P 50,000 and Ana – P 80,000. 3. Ana shall receive bonus of 15% of income in excess of P40,000 after partner’s interest and salary allowances. 4. Residual profits shall be divided in the ratio of 2:2:6 to Adah, Ana and Ara. What amount will Ana receive if the net income earned is P 470,000? *2.Moira admits Joni as a partner in the business. Balance sheet accounts of Moira just before the admission of July shows: Cash, P43,000, Accounts Receivable, P150,000, Merchandise Inventory, P170,000, and Accounts Payable, P52,000. It was agreed that for purposes of establishing Moira’s interest, the following adjustments should be made: 1.) an allowance for…
PROBLEM: The partners of Triple A Partnership are Adah, Ana and Ara. During the current year, their average capital balances are as follows: Adah – P 180,000; Ana – P160,000; Ara – P 150,000. The articles of partnership provided the following terms: 1. Annual interest of 8% on their average capital balances. 2. Salary allowances as follows: Adah – P 50,000 and Ana – P 80,000. 3. Ana shall receive bonus of 15% of income in excess of P40,000 after partner’s interest and salary allowances. 4. Residual profits shall be divided in the ratio of 2:2:6 to Adah, Ana and Ara. QUESTION: What amount will Ana receive if the net income earned is P470,000? (Good Accounting Form)
The partners of Triple A Partnership are Adah, Ana and Ara. During the current year, their average capital balances are as follows: Adah – P 180,000; Ana – P160,000; Ara – P 150,000. The articles of partnership provided the following terms: 1. Annual interest of 8% on their average capital balances. 2. Salary allowances as follows: Adah – P 50,000 and Ana – P 80,000. 3. Ana shall receive bonus of 15% of income in excess of P40,000 after partner’s interest and salary allowances. 4. Residual profits shall be divided in the ratio of 2:2:6 to Adah, Ana and Ara. What amount will Ana receive if the net income earned is P 470,000?
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The partners of Triple A Partnership are Adah, Ana and Ara. During the current year, their average capital balances are as follows: Adah – P 180,000 Ana – P160,000 Ara – P 150,000 The articles of partnership provided the following terms:1. Annual interest of 8% on their average capital balances.2. Salary allowances as follows: Adah – P 50,000 Ana – P 80,000.3. Ana shall receive bonus of 15% of income in excess of P40,000 after partner’s interest and salary allowances.4. Residual profits shall be divided in the ratio of 2:2:6 to Adah, Ana and Ara.What amount will Ana receive if the net income earned is P470,000?
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