Jpea, Jic, and Jfenix formed a partnership and named it ESBIEYEY. At the end of the year, the partnership earned a profit of P 1,000,000. The capital balances areP 250,000, P 280,000, and P 270,000 for Jpea, Jic, and Jfenix, respectively. The partners agreed to distribute the profit as follows: • Interest to ending capital of 10% will be given • Jpea and Jic will be given a salary amounting to P 150, 000 each • Jfenix will be given a bonus of 10% of net income after interest, salary and bonus • Remaining profit is to be distributed equally 26. How much is the bonus given to Jfenix? a. P 62,000 b. P 56, 364 c. P 67,000 d. P 60,909 How much is Jpea's share in net income? a. P 364,879 b. P 360,879 27. c. P 365, 879 d. P 362,879 28. How much is Jic's share in net income? a. P 364, 879 b. P 360,879 c. P 365, 879 d. P 362, 879

Jpea, Jic, and Jfenix formed a partnership and named it ESBIEYEY. At the end of the year, the partnership earned a profit of P 1,000,000. The capital balances areP 250,000, P 280,000, and P 270,000 for Jpea, Jic, and Jfenix, respectively. The partners agreed to distribute the profit as follows: • Interest to ending capital of 10% will be given • Jpea and Jic will be given a salary amounting to P 150, 000 each • Jfenix will be given a bonus of 10% of net income after interest, salary and bonus • Remaining profit is to be distributed equally 26. How much is the bonus given to Jfenix? a. P 62,000 b. P 56, 364 c. P 67,000 d. P 60,909 How much is Jpea's share in net income? a. P 364,879 b. P 360,879 27. c. P 365, 879 d. P 362,879 28. How much is Jic's share in net income? a. P 364, 879 b. P 360,879 c. P 365, 879 d. P 362, 879

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter12: Accounting For Partnerships And Limited Liability Companies

Section: Chapter Questions

Problem 9E

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Jpea, Jic, and Jfenix formed a partnership and named it ESBIEYEY. At the end of the year, the partnership earned a profit of P 1,000,000. The capital balances are P250,000, P280,000, and P270,000 for Jpea, Jic, and Jfenix, respectively. The partners agreed to distribute the profit as follows: Interest to ending capital of 10% will be given Jpea and Jic will be given a salary amounting to P 150,000 each Jfenix will be given a bonus of 10% of net income after interest, salary and bonus Remaining profit is to be distributed equally How much is the bonus given to Jfenix? A. P 67,000 B. P 62,000 C. P 56,364 D. P 60,909 How much is Jpea’s share in net income? A. P 365,879 B. P 360,879 C. P 362,879 D. P 364,879 How much is Jic’s share in net income? A. P 360,879 B. P 362,879 C. P 364,879 D. P 365,879
According to Profil and Loss Account, the net profit for the year is OMR250,000. The total interest on partner's capital is OMR BOLO00 and interest on partner's drawings is OMR 30.000 The net profit as per Profit and Loss Appropriation Account will be OMR 110.000 (Prolit) OMR 200,000(Loss) OMR 200,000(Protit) OMR 200000 (Profit)
AA and BB have been partners for a decade. As of January 1, 2022, the capital balances of AA and BB are: AA capital P55,000 BB. 75,000 capital Partnership agreement provides for the following manner of profit distribution: • Annual salaries of P80,000 and P100,000 will be provided to AA and BB. respectively A bonus of 20% based on net income will be given to AA -30% of the remaining profit or loss is distributed to AA with the balance provided to BB In 2022, the partnership reported net income of P250,000. On January 1, 2023, CC was admitted as a partner by investing P70,000 for a 25% interest in the capital of the partnership. The partners agreed that the plant assets of the partnership were to be increased by P30,000. The profit and loss sharing agreement was revised to: . Annual salaries of P80,000, P100,000 and P70,000 will be provided to AA BB and CC, respectively. • A bonus of 20% based on net income will be given to AA and a 5% bonus based on net income after A's…
Item No. 19 is based on the following information: On January 1, 200C, Bee and Gees had capital balances of P 250,000 and P 200,000, respectively. Their profit and loss sharing agreement has the following provisions: Annual salary of P 200,000 to Gees and P 90,000 to Bee; 10% interest on the opening capital; O The remainder of the profit is to be divided equally. 19. If the profit for the year 200C was P 120,000, how much was the share of Bee? a. P 62,500. c. P112,500. b. P 87,500. d. P 117,500.
For the year 2021, the partnership of AMMAR and BANU realized a net profit of P240,000. The capital accounts of the partners show the following postings: Jan. 1 May 1 July 1 Aug. 1 Oct. 1 AMMAR Debit Credit Debit Credit 20,000 10,000 120,000 BANU 10,000 10,000 5,000 80,000 20,000 Question 5 If the profits are to be divided based on average capital, how much will be the share of AMMAR?
AB Partnership’s operation for the year 2022 resulted in a profit of P240,000. Their profit sharing agreement provided the following: a. Salaries of P5,000 and P15,000 is to be given to A and B respectively; b. 10% of profit after salaries and bonus is to be given to Partner B; c. The balance is to be divided using the 7:3 ratio, respectively. How much profit is to be allocated to B?
AB Partnership's operation for the year 2022 resulted in a profit of P240,000. Their profit sharing agreement provided the following: a. Salaries of P5,000 and P15,000 is to be given to A and B respectively; fres A fr free b. 10% of profit after salaries and bonus is to be given to Partner B; c. The balance is to be divided using the 7:3 ratio, respectively. How much profit is to be allocated to B?
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ABC Partnership has total Capital investments of P300,000 invested equally. Annual salaries amounting to P20,000, P25,000 and P10,000 to Partners A, B and C. B, an industrial partner will be allowed Bonus of P35,000. Any remainder will be divided in the ratio 4:3:3. Partner A will have a capital balance of how much after the distribution of net income of P120,000?
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