Reena and Raman are partners with capitals of Rs. 3,00,000 and Rs. 1,00,000 respectively. The profit (as per Profit and Loss Account) for the year ended March 31, 2017 was Rs. 1,20,000. Interest on capital is to be allowed at 6% p.a. Raman was entitled to a salary of Rs. 30,000 p.a. The drawings of partners were Rs. 30,000 and 20,000. The interest on drawings to be charged to Reena was Rs. 1,000 and to Raman, Rs. 500.Assuming that Reena and Raman are equal partners. State their share ofprofit after necessary appropriations.

Bulan, Bustos, and Bucao formed a partnership on January 1, 2009 and contributed P150,000, P200,000, and P250,000, respectively. The Articles of Co-Partnership provide that the operating income be shared among the partners as follows: As salary: Bulan – P24,000; Bustos – P18,000; Bucao – P12,000; interest of 12% on the average capital during 2009 of the three partners; the remainder will be divided in the ratio of 2:4:4, respectively. Additional information: a.     Operating income for the year ended December 31, 2009 is P180,000. b.     Bulan contributed additional capital of P30,000 on July 1, and made drawing of P10,000 on October 1. c.     Bustos contributed capital of P20,000 on August 1 and made withdrawal of P10,000 on October 1. d.     Bucao made withdrawal of P30,000 on November 1. The division of the P180,000 operating income for Bucao will be: _____________

Curtis and Sillett are in partnership, sharing profits in the ratio 3:2 and compiling their accounts to 30 June each year. On 1 January 2015, Mcallister joined the partnership, and from that the date the profit sharing ratio became Curtis 50%, Sillett 25% and Mcallister 25%, after providing for salaries for Sillet and Mcallister of $20,000 and $12,000 pa respectively. The partnership profit for the year ended 30 June 2015 was $480,000, accruing evenly over the year. What are the artners' total profit shares for the year ended June 2015? А. Curtis-256,000 , Sillet - 162,000 , Mcallister - 62,000 В. Curtis -264,000 , Sillet - 156,000 , Mcallister -60,000 С. Curtis - 264,000 , Sillet - 166,000 , Mcallister - 66,000 D. Curtis - 248,000 , Sillet - 168,000 , Mcallister - 64,000

John and Jane are in partnership sharing profits and losses in the ratio 3:1. Interest is allowed at 5% on their capital balances and interest on drawings is charged as follows; John Tshs.120,000; Jane Tshs.130,000. The partnership agreement provides salaries to partners for the whole year as follows; John Tshs.1,200,000; Jane Tshs. 960,000. The trial balance as at 30th June, 2017 is as shown below; JOHN AND JANE TRIAL BALANCE AS AT 30 JUNE, 2017   Capital account - John Dr Cr   5,200,000 Capital account - Jane   6,400,000 Current account - John   230,000 Current account - Jane   310,000 Drawings - John 72,000   Drawings - Jane 48,000   Stocks 1 July, 2016 2,820,000   Purchases/ sales 12,935,000 22,740,000 Return inwards 120,000   Debtors/creditors 820,000 730,000 Insurance 275,000   Rent 360,000   Bank 5,300,000   Carriage inwards 150,000   Carriage outwards…

On January 1, 2018, A, B and C formed ABC Partnership with original capital contribution of P600,000, P1,000,000 and P400,000. A is appointed as managing partner. Read the data below. What is A's share in partnership profit for 2018?

Four M Co., a partnership was formed on January 2016, with four partners, Joy, Ash, Elisha and Gabrielle. Capital contributions were as follows: Joy - P1,000,000; Ash P500,000; Elisha - P500,000; and Gabrielle - P500,000. The partnership agreement provides that each partner shall receive 5% interest on the amount of her capital contribution. In addition, Joy and Ash are to receive salaries of P100,000 and P60,000, respectively, which are to be charged as expenses of the business. The agreement further provides that Elisha shall receive a minimum of P120,000 per annum from the partnership, including amounts allowed as interest on capital and their respective shares of profits. The balance of the profits to be shared in the following proportions: Joy - 30%; Ash - 30%; Elisha - 20%; Joy - 20%. Calculate the amount that must be earned by the partnership during 2016, before any charge for interest on capital or partners' salaries, in order that Joy may receive an aggregate of P250,000,…

For Crane Co., beginning capital balances on January 1, 2022, are Nancy Payne $21,200 and Ann Dody $17,200. During the year, drawings were Payne $7,000 and Dody $5,900. Net income was $26,500, and the partners share income equally. (a) Prepare the partners' capital statement for the year. (List Items that increase partners' capital first.) (b) : eTextbook and Medial Save for Later $ $ CRANE CO. Partners' Capital Statement N. Payne Prepare the owners' equity section of the balance sheet at December 31, 2022. CRANE CO. Partial Balance Sheet $ $ A. Dody Attempts: 0 of 5 used Total Submit Answer

Rubio and Bisana established a trading partnership. They share profits equally after 5% per year. On Jan. 1, 2016, their capital balances are as follows: Rubio, P200,000 . allowing salaries of P40,000 per year for Rubio and interest on partner's capital at discontinued. The partnership profit for the year ended Dec. 31, 2016 was On July 1, 2016, Bisana invested an additional P100,000 and Rubio's salary was and Bisana, P100,000. P337,500. What was Rubio's total profit share for the year ended Dec. 31, 20162 a. P182,500 b. P178,750 с. P180,000 P190,000 d.

prepare the journal entry to record the investment of both partner in the partnership

Rakhi and Shikha are partners in a firm, with capitals of Rs. 2,00,000 andRs, 3,00,000 respectively. The profit of the firm, for the year ended 2016-17 isRs. 23,200. As per the Partnership agreement, they share the profit in theircapital ratio, after allowing a salary of Rs. 5,000 per month to Shikha andinterest on Partner’s capital at the rate of 10% p.a. During the year Rakhiwithdrew Rs. 7,000 and Shikha Rs. 10,000 for their personal use. As perpartnership deed, salary and interest are caption treated as charged. You are required to prepare Profit and Loss Account and Partner’s Capital Accounts.