Answer this please and also how does the salary for the 12thmonth in number 3 is 96000. Explain also thank you Problem #2 Lester and Stephen formed a partnership with capital contributions of P300,000 and P700,000, respectively. During its first year of operations, the partnership suffered a loss of P50,000. Prepare a schedule showing the division of profit between the partners under each of the following independent assumptions: Loss is agreed to be divided equally. There is no profit or loss sharing agreement. A monthly salary of P8,000 will be given to Lester and the balance divided in the ratio of their capital balances. A monthly salary of P8,000 will be given to Lester, 6% interest will be allowed on the capital balances of each partner; and the balance divided equally.
Answer this please and also how does the salary for the 12thmonth in number 3 is 96000. Explain also thank you Problem #2 Lester and Stephen formed a partnership with capital contributions of P300,000 and P700,000, respectively. During its first year of operations, the partnership suffered a loss of P50,000. Prepare a schedule showing the division of profit between the partners under each of the following independent assumptions: Loss is agreed to be divided equally. There is no profit or loss sharing agreement. A monthly salary of P8,000 will be given to Lester and the balance divided in the ratio of their capital balances. A monthly salary of P8,000 will be given to Lester, 6% interest will be allowed on the capital balances of each partner; and the balance divided equally.
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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Answer this please and also how does the salary for the 12thmonth in number 3 is 96000. Explain also thank you
Problem #2
Lester and Stephen formed a
Prepare a schedule showing the division of profit between the partners under each of the following independent assumptions:
- Loss is agreed to be divided equally.
- There is no profit or loss sharing agreement.
- A monthly salary of P8,000 will be given to Lester and the balance divided in the ratio of their capital balances.
- A monthly salary of P8,000 will be given to Lester, 6% interest will be allowed on the capital balances of each partner; and the balance divided equally.
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