Required: Determine the ending capital balances of both partners based on the following independent assumptions on allocating profits and losses. A P9,600 incentive to Mona, and the remainder to be allocated on the ratio of 1:2, respectively. It is also agreed that Lisa is guaranteed to receive at least P35,000 in case the partnership yields profit. 1. A 6% interest based on average capital balances, a monthly salary of P10,000 each to Mona and Lisa, and the remainder to be allocated equally. 2. A 10% interest on their ending capital balances, a bonus of 11% to Lisa based on profits after deducting the bonus, and the remainder to be divided in a 3:2 ratio, respectively. 3.

= Homnes is admitted to the partnership of Rose & Novak. Prior to Hornes' admission, the partnership books show Rose's capital balance at $170,000 and Novak's at $85,000. Assume Rose and Novak share profits and losses equally. Read the requirements. Requirement 1. Compute each partner's equity on the books of the new partnership under the following plans: a. Hornes pays $100,000 for Novak's equity. Hornes pays Novak directly. Begin by computing the partner's equity base for plan a. Homes pays $100,000 for Novak's equity. Hornes pays Novak directly. (Enter a share for each partner. Complete all input fields. For accounts with a $0 balance, make sure to enter "0" in the a field. Enter negative amounts with a parentheses or minus sign.) Plan A Plan A: Partnership capital before admission of Hornes Plan A: Effect on capital balance as a result of admission of Hornes Plan A: Partnership capital after admission of Hornes b. Hornes contributes $85,000 to acquire a 1/4 interest in the…

es Watts and Lyon are forming a partnership. Watts invests $27,000 and Lyon invests $63,000. The partners agree that Watts will work one-fourth of the total time devoted to the partnership and Lyon will work three-fourths. They have discussed the following alternative plans for sharing income and loss: (a) in the ratio of their initial capital investments; (b) in proportion to the time devoted to the business; (c) a salary allowance of $18,000 per year to Lyon and the remaining balance in accordance with the ratio of their initial capital investments; or (d) a salary allowance of $18,000 per year to Lyon, 8% interest on their initial capital investments, and the remaining balance shared equally. The partners expect the business to perform as follows: Year 1, $18,000 net loss; Year 2, $45,000 net income; and Year 3, $75,000 net income. Required: Complete the tables, one for each of the first three years, by showing how to allocate partnership income or loss to the partners under each of…

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1. Aristorenas, Soriano and Filamor have the following profit and loss agreement: Partners Aristorenas and Soriano will receive salaries of P40,000 each. Partner Filamor will get a bonus of 10% of profit after salaries and bonus. Remaining profits are shared by Aristorenas, Soriano and Filamor in the ratio of 3:4:3, respectively. * The partnership had a profit of P91,000. How much should be allocated to Filamor? P 4,000 b. Р 4,070 а. C. P 9,100 d. P27,300 2. A partnership showed the following account balances: sales, P70,000; cost of sales, P40,000; operating expenses, P10,000; partners' salaries, P13,000; interest paid to banks, P2,000 and partners' drawings, P8,000. The partnership profit is P20,000. с. Р 5,000. d. P(3,000). а. b. P18,000. 3. Villena, a partner in the Dulay, Villena & Co., has a 30% participation in partnership profits and losses. Villena's capital account has a net decrease of P120,000 during the calendar year 2019. During 2019, Villena withdrew P260,000 (charged…

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Ahmed contributes cash of $12, 000 and Fatima contributes Office equipment that cost $10,000but valued at $8,000, during the first-year partners earn a profit of $5, 000. Assume the partners agreed to share the profit and loss equally.1. Prepare a journal entry to form the partnership? 2. How much profit should each partner earned?

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The partnership of Arun, Margot, and Tammy has been doing well. Arun wants to retire and move to another state for a once-in-a-lifetime opportunity. The partners' capital banaces prior to Arun's retirement are $60,000 each. Prepare a schedule showing how Arun's withdrawal should be divided assuming his buyout is: A. $70,000 B. $45,000 C. $60,000