John, Savannah, and Channing are partners sharing profits on a 5:3:2 ratio. on January 1, 2020 Amanda was admitted into the partnership with 20% share in profits. The old partners continue to participate in profits in their original ratios. For the year 2020, the partnership book showed a net income of P25,000. It was disclosed, however that the following errors were committed: The new profit and loss ratio of John, Savannah, Channing and Amanda respectively for 2020. John, Savannah, and Channing are partners sharing profits on a 5.32 ratio On January 1, 2020,Amanda was admitted into the partnership with a 20 % share in profits. The old partners continue toparticipate in profits in their original ratios.For the year 2020, the partnership book showed a net income of P 25,000. It was disclosed,however, that the following errors were committed:20202019P 1,200Accrued expenses not recorded at year-endInventory overstatedPurchases not recorded, for which goods have beenreceived and inventoriesP 3,1002,0001,500Income received in advance not adjustedUnused supplies not taken up at year-end900The new profit and loss ratio of John, Savannah, Channing and Amanda, respectively for 2020 is:

Given information, John, Savanna and Channing are partners of a partnership firm, their profit and…

Answered: John, Savannah, and Channing are…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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John, Savannah, and Channing are partners sharing profits on a 5:3:2 ratio. on January 1, 2020 Amanda was admitted into the partnership with 20% share in profits. The old partners continue to participate in profits in their original ratios.

For the year 2020, the partnership book showed a net income of P25,000. It was disclosed, however that the following errors were committed:

The new profit and loss ratio of John, Savannah, Channing and Amanda respectively for 2020.

John, Savannah, and Channing are partners sharing profits on a 5.32 ratio On January 1, 2020,
Amanda was admitted into the partnership with a 20 % share in profits. The old partners continue to
participate in profits in their original ratios.
For the year 2020, the partnership book showed a net income of P 25,000. It was disclosed,
however, that the following errors were committed:
2020
2019
P 1,200
Accrued expenses not recorded at year-end
Inventory overstated
Purchases not recorded, for which goods have been
received and inventories
P 3,100
2,000
1,500
Income received in advance not adjusted
Unused supplies not taken up at year-end
900
The new profit and loss ratio of John, Savannah, Channing and Amanda, respectively for 2020 is:

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