Sherry and Jonnie Allocate 2/3 of the profits and losses to Sherry and 1/3 to Jonnie. If the Net Income of the firm is $30,000, calculate the share of Jonnie's Net Income A $ 10,000.00 B $ 20,000.00 C $ 25,000.00 D $ 30,000.00
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Sherry and Jonnie Allocate 2/3 of the
| A | $ 10,000.00 |
| B | $ 20,000.00 |
| C | $ 25,000.00 |
| D | $ 30,000.00 |
Partnership refers to an agreement where between two or more people come together for a common goal. The profit should be distributed among the partner on the basis of the partnership deed
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- Partners De Guzman and Tugade receive a salary allowance of P30,000 and P70,000, respectively, and share the remainder equally. If the company earned P40,000 during the period, what is the effect on Tugade’s capital? a.P30,000 decrease b.P40,000 increasec. c.P50,000 increased. d.P90,000 increaseHow much will Mira receive if the net income earned is P 155,000? Using information in number 7, except that the company incurred net loss of P 9,200, compute for the share of each partner.Alex and Brix are partners. A salary of P 50,000 is given to Alex and balance shall be divided equally. Assuming that profit is P 20,000, how much will Alex receive as share in the profit?
- Partners R and S receive a salary allowance of P3,000 and P7,000, respectively, and share the remainder equally. If the company earned P4,000 during the period, the entry to close the income or loss into their capital accounts is: a. Income Summary R, Capital S, Capital b. Income Summary S, Capital c. Income Summary R, Capital S, Capital d. Income Summary R, Capital S, Capital Ο Ο Ο Ο O A O D 10,000 4,000 14,000 6,000 3,000 7,000 4,000 7,000 7,000 3,000 3,000Partners A and B receive a salary allowance of $35,000 and $45,000, respectively, and share the remainder equally. If the company earned $50,000 during the period, what is the effect on A’s capital?Partners Thelma Lou and Aunt Bee each have a $50,000 capital balance and share profits and losses in a 2:1 ratio, respectively. The cash balance is $40,000, non-cash assets total $210,000, and liabilities total $150,000. If the non-cash assets are sold for $180,000, what amount will Thelma Lou receive after liquidation? $40,000 O $70,000 O $30,000 O $50,000 Which of the following statements about partnership financial statements is false? O The salary that a partner receives for profit sharing is reported on the partnership income statement. O The financial statements of a partnership are similar to those of a proprietorship. The partnership balance sheet will contain a withdrawal account for each partner. A partnership's balance sheet will contain a capital account for each partner.
- 2. Rene, Michael, and Kevin are partners in an accounting firm. Their capital accountbalance at year-end were Rene, P90,000; Michael, P120,000; and Kevin,P160,000. They share profit and losses on a 4:4:2 ratio after considering thefollowing terms: a. Kevin is to receive a bonus of 10% of net income. b. Interest of 5% shall be paid on partner’s capital. c. Salaries of P8,000 and P10,000 shall be paid to partners Rene and Kevinrespectively. Assuming a net income of P84,000 for the year. REQUIRED: Prepare the following:A. Profit or Loss Distribution TableB. Corresponding JOURNAL ENTRY to distribute profit or lossPartners Dan, Han and Pan, operating a computer store, shares profit and loss on a ratio of 4:4:3. Allocation of profit is in the following manner: a. Salaries of P 20,000, P25,000 and P15,000 respectively b. Han receives a bonus of 5% for the first P500,000 after the salaries are deducted and 10% in excess of P500,000. c. Balance of the profit is divided according to their ratio. Partnership income for the year amounted to P1,356,000. What is the total amount of bonus received by Han? What is the share in the partnership income did Pan received? What is the share in the partnership income did Han received? What is the share in the partnership income did Dan received?d. 6. Partners Manalo and Capuno receive an interest allowance of P100,000 and P150,000, respectively, and divide the remaining profits and losses in a 3:1 ratio. If the company sustained a loss of P110,000 during the year, what is the effect on Manalo's capital? a. P82,500 decrease b. P120,000 decrease C. P170,000 decrease d. P105,000 decrease
- The partners of Dan and Ken are engaged in trading. Dan's original capital was P40,000 and Ken 's was P60,000. They agreed to share profits and losses as follows: Dan Ken Php28,000 10% 30% Salaries Interest on original capital Balance Php40,000 10% 70% а. Р44,600 b. Р46,400 If the profits for the year were P120,000, what share of the profits would Dan receive? c. P57,400 d. P75,600 а. Р2,600 b. (Р22,600) [f the losses for the year were P20,000, what share of the loss would Ken receive? c. (P2,600) d. P5,200The partners of Dan and Ken are engaged in trading. Dan's original capital was P40,000 and Ken 's was P60,000. They agreed to share profits and losses as follows: Dan Ken Php28,000 10% Php40,000 10% 70% Salaries Interest on original capital Balance 30% n7 - 15. If the profits for the year were P120,000, what share of the profits would Dan receive? а. Р4,600 b. P46,400 с. Р57,400 d. P75,600Question. A, B, C carry on business sharing the profits in the ratio of 2/3, 1/3, 5/6 respectively. Capitals as on 1-1-2021 are A OMR 50,000, B OMR 45,000 and C OMR 30,000. On 31-10-2021 B died and his executors claim the profit. Calculate B's share of profits till the date of death on the basis of average profits of the preceding 4 years. The annual profit or loss figures of preceding five years were: 1.15,000, 2. - 4,000 Loss, 3. -3,000 (loss), 4. -28,000, 5. -18,000.