A partnership with four general partners: limits the active involvement in the firm to a single partner, limits each partner's personal liability to 25 percent of the partnership's total debt, distributes profits based on percentage of ownership, must distribute 25 percent of the profits to each partner, has an unlimited life.

The following are the partnership agreement between partners Baby Love & Honey Sweet for their partnership’s profit distribution:A. Each partners shall be entitled for an annual salary of P50,000 each.B. 15% Bonus of partnership profits after salaries to Honey Sweet being a managing partner.C. 20% interest is given to both partners based on average capital ratio.D. Residual profit and loss shall be distributed on the ratio 2:2The ledgers of their capital balances are shown below:  Baby Love  Debit:  July 1. P20,000 Credit: Jan 1. P80,000                Oct 1. P40,000 Honey Sweet Debit:  Oct 1. P10,000 Credit:  Jan 1. P120,000                May 1. 30,000 The partnership profit for the year is P150,000 before distribution to partners   Required: 1. Prepare a Schedule for Profit Distribution.2. Journal entry to record the distribution of profit to partners.

A partnership begins its first year with the following capital balances: Alexander, Capital Bertrand, Capital Coloma, Capital The articles of partnership stipulate that profits and losses be assigned in the following manner: • Each partner is allocated interest equal to 6 percent of the beginning capital balance. • Bertrand is allocated compensation of $18,000 per year. • Any remaining profits and losses are allocated on a 3:3:4 basis, respectively. • Each partner is allowed to withdraw up to $3,000 cash per year. $ 62,000 72,000 82,000 Assuming that the net income is $72,000 and that each partner withdraws the maximum amount allowed, what is the balance in Coloma's capital account at the end of the year? Multiple Choice $103,336 $86,920 $100,336

16. A person may become a partner in a partnership by all of the following methods except A. Investing in the partnership with a bonus to the new partners B. Making a loan to the partnership C. Investing in the partnership with a bonus to the old partnes D. Purchasing a partner's interest 17. B. Andy's interest in the partnership is 110,000. M. Joy buys Andy's interest for 120,000. How much is the capital balance of Joy after the purchase? А. 120,000 В. 110,000 С. 130,000 D. 140,000 18. L. Garcia, A. Harina, and E. Isla are partners with capital of P90,000,P50,000, and P60,000, respectively. M. Joson is admitted into the partnership with 4 interest upon payment of 80,000. If the old partners share profits and losses in the ratio of 2/5, 2/5, and 1/5, then the capital account of Isla after the admission of Joson will show a balance of А. 50,000 В. 52,500 С. 62,000 D. 70,000

The FF and II partnership agreement provides for FF to receive a 20% bonus on profits before thebonus. Remaining profits and losses are divided between FF and II in the ratio of 2:3 respectively.Which partner has a greater advantage when the partnership has a profit? When it has a loss? a. FF; IIb. FF; FFc. II; FFd. II; II

The partnership agreement of Angela and Dawn has the following provisions: The partners are to earn 10 percent on the average capital. Angela and Dawn are to earn salaries of $26,000 and $18,000, respectively. Any remaining income or loss is to be divided between Angela and Dawn using a 70:30 ratio. Angela’s average capital is $66,000 and Dawn’s is $52,000. Required: Prepare an income distribution schedule assuming the income of the partnership is (a) $90,000 and (b) $33,000. If no partnership agreement exists, what does the UPA 1997 prescribe as the profit or loss distribution percentages? Note: Amounts that are to be deducted from an individual partner's capital balance should be entered with a minus sign.

The partnership agreement of Angela and Dawn has the following provisions: The partners are to earn 10 percent on the average capital.Angela and Dawn are to earn salaries of $31,000 and $15,000, respectively.Any remaining income or loss is to be divided between Angela and Dawn using a 70:30 ratio. Angela’s average capital is $63,000 and Dawn’s is $44,000.Required:Prepare an income distribution schedule assuming the income of the partnership is (a) $91,000 and (b) $22,000. If no partnership agreement exists, what does the UPA 1997 prescribe as the profit or loss distribution percentages? (Amounts that are to be deducted from an individual partner's capital balance  should be entered with a minus sign.)

Question-based on partnership   I have tried it but incorrect, the first 2 answers are wrong.   Thanks for the help.

A partnership begins its first year with the following capital balances: Alexander, Capital $38,000 Bertrand, Capital Coloma, Capital 48,000 58,000 The articles of partnership stipulate that profits and losses be assigned in the following manner: Each partner is allocated interest equal to 10 percent of the beginning capital balance. • Bertrand is allocated compensation of $18,000 per year. Any remaining profits and losses are allocated on a 3:3:4 basis, respectively. • Each partner is allowed to withdraw up to $3,000 cash per year. Assuming that the net income is $48,000 and that each partner withdraws the maximum amount allowed, what is the balance in Coloma's capital account at the end of the year? Multiple Choice $62,360 $70,040 $63,800 $67,040

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