The partnership agreement of A, B and C stipulates the following: Partners A and C shall receive annual salaries of 12,000 and ₱ 8,000, respectively. A bonus of 10% of profit after salaries but before deduction of bonus shall be given to Partner A, the managing partner. (Deduct the salaries to the profit, as basis for computation) Each partner shall receive 10% interest on average capital investments. Any remaining profit or loss shall be shared as follows: 40% to A and 30% each to B and C. The average capital investments of partners during the year are as follows: A                  ₱100,000 B                      60,000 C                    120,000   The partnership earns profit of ₱100,000.

Find Bonus, Interest, and Reminder to allocate for each The partnership agreement of Jones, King, and Lane provides for the annual allocation of the business's profit or loss in the following sequence:   Jones, the managing partner, receives a bonus equal to 10 percent of the business’s profit. Each partner receives 10 percent interest on average capital investment. Any residual profit or loss is divided equally.   The average capital investments for 2021 were as follows:          Jones $ 80,000 King   160,000 Lane   240,000     The partnership earned $40,000 net income for 2021. Prepare a schedule showing how the 2021 net income should be allocated to the partners

A B and C are partners with capital balances of $90,000, $70,000, and $50,000, respectively. The partners agreed to share profits and losses as follows: Salary allowances of $7,000 to A, $8,000 to B and $14,000 to C. Interest allowances of 1096 on beginning of year capital balances Balance to be divided in the ratio of 2:11. If profit for the year 15 $250,000, calculate each partner's share and prepare the appropriate journal entry close the income Summary to the capital accounts Next Page Support | PowerSchool Communit Time left for this

how do i calculate remainder to allocate?

HRM Partnership begins its first year of operations with the following capital balances A, capital P32,000 C, capital 16,000 According to the partnership agreement, all profits will be distributed as follows • A monthly salary of P 3,200 and P 1,600 to A & C respectively. • The partners will be allowed with interest equal to 10% of the capital balances of the first day of the year. A bonus of 10% of the net income after bonus to A. • The remainder will be divided on the basis of the beginning capital for the first year and equally for the second year Each partner is allowed to withdraw up to P 1,600 a year. Assume that the net loss for the first year of operations ions is P2,400 with net income of P 8,800 in the following year. Assume further that each partner withdraws the maximum amount from the business each period. The capital balances of A at the end of the second year is The capital balances of B at the end of the second year is

The partnership agreement of Angela and Dawn has the following provisions: 1. The partners are to earn 10 percent on the average capital. 2. Angela and Dawn are to earn salaries of $33,000 and $13,500, respectively. 3. Any remaining income or loss is to be divided between Angela and Dawn using a 70:30 ratio. Angela's average capital is $70,000 and Dawn's is $59,000. Required: As Prepare an income distribution schedule assuming the income of the partnership is (a) $89,000 and (b) $36,000. If no partnership agreement exists, what does the UPA 1997 prescribe as the profit or loss distribution percentages? Note: Amounts that are to be deducted from an individual partner's capital balance should be entered with a minus sign.

The partnership agreement between Partners Paul, John, George and Ringo were as follows: a. All partners receive a 10% interest on their beginning capital balances as follows: Paul – 1,200,000, John – 1,050,000, George – 1,550,000, and Ringo – 1,800,000, b. Partners Paul and Ringo both receives annual salary of P480,000 and P300,000 respectively c. Any remaining profits or loss are to be divided according to their capital ratio, d. Net profit for the year amounted to 450,000 How much is the share in the partnership income did Ringo received? How much is the share in the partnership income did John received? How much is the share in the partnership income did George received? How much is the share in the partnership income did Paul received?

The partnership agreement of Alix, Gise, and Bosco provides for the following income ratio: (a) Alix, the managing partner, receives a salary allowance of $108,000, (b) each partner receives 15% interest on average capital investment, and (c) remaining net income or loss is divided equally. The average capital investments for the year were: Alix $600,000, Gise $1,200,000, and Bosco $1,800,000. If partnership net income is $540,000, the amount allocated to Alix should be a. $90,000. Ch10,11,12 Principles of Accounting I b. $162,000. c. $180,000. d. $198,000.

The net income of the Pine and Miles partnership is Pi80,000. The partnership agreement specifies that Pine and Miles have a salary allowance of P48,000 and P72,000, respectively. The partnership agreement also specifies an interest allowance of 10% on capital balances at the beginning of the year. Each partner had a beginning capital balance of P120,000. Any remaining net income or net loss is shared equally. What is the balance of Miles' Capital account at the end of the year after net income has been distributed? * O P204,000 P192,000 P222,000 O P210,000

A, B, and C agreed that A will receive 10% of profit and each partner receive 6% interest on average capital investment. Residual profit or loss is divided equally. The average capital balances of A, B, and C were P80,000, P50,000, and P30,000. What amount should C receive from the partnership income of P100,000?