Mark Javier is an active partner in the Javier & Dela Rosa partnership, receives an annual bonus of 25% the partnership profit after deducting a bonus. For the year ended, December 31, 2021, partnership income before the bonus amounted to 200,000. The amount of bonus given to Mark Javier for the year 2021 would be? Answer: P______________ Kindly show your solution
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Mark Javier is an active partner in the Javier & Dela Rosa
partnership profit after deducting a bonus. For the year ended, December 31, 2021, partnership income before
the bonus amounted to 200,000. The amount of bonus given to Mark Javier for the year 2021 would be?
Answer: P______________
Kindly show your solution
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- Arun and Margot want to admit Tammy as a third partner for their partnership. Their capital balances prior to Tammys admission are $50,000 each. Prepare a schedule showing how the bonus should be divided among the three, assuming the profit or loss agreement will be 1:3 once Tammy has been admitted and her contribution is: A. $20,000 B. $80,000 C. $50,000. In addition, show the resulting journal entries to each of the three partners capital accounts.How much is Tony’s share in the net income of the part? Tony and Steve formed a partnership on January 1, 2019. Their partnership earned a net income of 1,800,000 for the year ended 2019. The following stipulation are found in their articles of partnership: Tony is the receive a monthly salary of P25,000 as compensation for his managing duties in the partnership Steve is the receive an annual salary of P180,000 from the partnership Bonus of 15% is granted to Tony if the partnership income exceeds P1,000,000 (Bonus is computed based on the excess from P1,000,000) Each partner is to receive an interest of 10% based on their weighted average capital balances The remaining balance is divided accordingly to Tony and Steve in the ratio of 2:3 The following are the capital transaction of the partners: Tony Steve Debit Credit Debit Credit 1-Jan 600,000 700,000 1-Mar 120,000 1-Apr 300,000 1-Jul 200,000…8. How much is Tony's share in the net income of the partnership? Tony and Steve formed a partnership on January 1, 2019. Their partnership earned a net income of 1,800,000 for the year ended 2019. The following stipulations are found in their articles of partnership: • Tony is the receive a monthly salary of P25,000 as compensation for his managing duties in the partnership Steve is the receive an annual salary of P180,000 from the partnership Bonus of 15% is granted to Tony if the partnership income exceeds P1,000,000 (Bonus is computed based on the excess from P1M) partner is to receive an interest of 10% based on their weighted average capital balances. The remaining balance is divided accordingly to Tony and Steve in the ratio of 2:3 The following are the capital transactions of the partners: Each Tony Steve Debit Credit Debit Credit 1-Jan 600,000 700,000 1-Mar 120,000 1-Apr 1-Jul 1-Sep 30-Sep 300,000 200,000 90,000 240,000 30-Oct 150,000
- Problem: Partners Coleen and Norlyn received a salary of P150,000 and P300,000 and will share profit and loss in a 2:1 ratio, respectively. If the partnership suffered a P150,000 loss in 2020, determine how the loss will be distributed to Coleen and Norlyn. 1. Coleen's share on profit or loss 2. Norlyn's share on profit or loss 3. How much is the total amount to be distributed using the 2:1 ratio?:1 Mr. Suhail and Mr. Said decided to start a partnership business. They drafted a partnership deed with the help of a consultant and started the business on 01.11.2020 Some of the key extracts of the partnership deed is given as follows: Resolved that. a. Each partner is to bring in OMR 15,000 as capital b. Each partner is to get 5% interest on capital c. Mr. Suhail is entitled to get a salary of OMR 400 per month d. Firm is entitled to charge 6% interest per annum on partner's drawings. Summary of transactions: November: 2020 Capital contribution: Mr. Suhail -OMR 15000; Mr. Said: OMR a. 15000 b. Purchase of goods- OMR 8.000 sales of goods- OMR 18,000 d. Wages- OMR 200 e. Salary to employees- OMR 1,200 f. Other administrative expenses- OMR 800 g. Rent of building- OMR 1,000 h. Electricity charges- OMR 15 i. Water charges- OMR 5 j. Travelling expenses- OMR 50 k. Furniture purchase- OMR 1,500 1. Electrical fittings- OMR 200 m. Drawings of partners-: Mr. Suhail -OMR 200; Mr. Said; OMR…Tony and Steve formed a partnership on January 1, 2019. Their partnership earned a net income of 1,800,000 for the year ended 2019. The following stipulations are found in their articles of partnership: Tony is the receive a monthly salary of P25,000 as compensation for his managing duties in the partnership Steve is the receive an annual salary of P180,000 from the partnership Bonus of 15% is granted to Tony if the partnership income exceeds P1,000,000 (Bonus is computed based on the excess from P1M) Each partner is to receive an interest of 10% based on their weighted average capital balances. The remaining balance is divided accordingly to Tony and Steve in the ratio of 2:3 The following are the capital transactions of the partners: Tony Steve Debit Credit Debit Credit 1-Jan 600,000 700,000 1-Mar 120,000 1-Apr 300,000 1-Jul 1-Sep 200,000 90,000 30-Sep 240,000 30-Oct 150,000 How much is Tony's share in the net income of the partnership?
- Catrina and Donald operate a gift business as partners. The partnership agreement provides that the profits or losses of the partnership should be divided equally after Donald, the active partner, receives a salary of $60,000. For the year ended 30 June 2020, the partnership made a profit of $30,000 after the payment of Donald’s salary. What is the net partnership income? a. $75,000 b. $90,000 c. $15,000 d. $60,000At the beginning of 2023, Rami and Ali invested $200,000 and $300,000 cash in a partnership respectively. The partnership agreement provides that profits are to be allocated as follows: 1. Annual salaries of $50,000 and $50,000 are granted to Rami and Ali, respectively. 2. Ali is entitled to a bonus of 25% of net income after salaries, bonus, and interest. 3. Each partner is to receive an interest credit of 30% on the original capital investment. 4. The remaining profits are allocated equally. At the end of the year the net income before salaries, interest, and bonus of $200,000. Instruction: Allocate partnership profit. 20 202A B and C are in partnership sharing profits and losses in the ratio of 3:2:1. On 1st Jan 2019, their capital balances are: A 30,000 B 20,000 C 10,000 The terms of partnership provides that All partners are eligible for interest on capital @6% All partners are liable to pay interest on drawings @ 4% All Partners are eligible for salary @ RO 200 per month The net profit for the year ended 31st Dec 2019 before making the above terms was 18,000. The drawings of the partners were: A 3,000 B 2,000 C 1,000 You are requested to prepare Profit and Loss Appropriations Account Capital accounts of three partners under fluctuating capital method
- David and Isac are in partnership, sharing profits 3:2. On 1 July 2020 Casey joins the partnership. Under the new partnership agreement profits will be shared by David, Isac, and Casey 5:3:2 respectively with the following annual salaries. Isac £30,000 pa Casey £38,000 pa Profit accrues evenly over the year. The partnership profit for the year at 31 Dec 2020 was £450,000. What was the allocated profit as 31 Dec 2020 for David, Isac, and Casey?Assume that on January 1, 2021 the partnership of Tom Jones and Rita Charles is considering admitting a new partner Terry Adams. After the assets of the partnership have been adjusted to current market value, the capital balance of Jones is $40,000 and the capital balance of Charles is $48,000. Jones and Charles agree to admit Adams to the partnership for $62,000. Adams will received a 25% equity in the partnership and will participate equally with Jones and Charles in the partnership income and losses. Prepare the entry to record the admission of Terry Adams.On January 1, 2022, A and B formed a partnership. A and B agreed to share the partnership's profit as follows: . A to receive P5,000 salary per month and a 10% bonus before salary and bonus B to receive the remaining balance The partnership's annual year net income is P 130,000 (full year). Compute B's share in the partnership profit.
