The partnership contract of NRR Partnership provided for the division of net income or losses in the following manner: 1) Bonus of 20% of income before the bonus to Norman; 2) Interest at 15% on average capital account balances to each partners; 3) Any residual profit or loss equally to each partner.   The net income of NRR partnership for 2021 was P90,000, and the average capital account balances for the year were Norman - P100,000; Ram - P200,000; and Rocco - P300,000.   The share of Norman from the above net income was

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 15 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 King Lane The partnership earned $84,000 net income for 2021. Prepare a schedule showing how the 2021 net income should be allocated to the partners. (Loss amounts should be indicated with a minus sign.) Net income Bonus Interest $ 190,000 380,000 570,000 Remainder to allocate Total allocation Jones King Lane Total

Coburn (beginning capital, $60,000) and Webb (beginning capital $90,000) are partners. During 2020, the partnership earned net income of $80,000, and Coburn made drawings of $18,000 while Webb made drawings of $24,000. (Assume the partnership income-sharing agreement calls for income to be divided 45% to Coburn and 55% to Webb. Prepare the journal entry to record the allocation of net income) What are the account titles and explanations?  What is debit?  What is credit?

Tom and Faith are in a partnership sharing profits and losses in the ratio of 3/5 for Tom and 2/5 for Faith. The partnership deed provides for interest on capital at the rate of 5% and interest on drawings at 10% per annum. The partners are entitled to annual salaries of $ 2,000 and $1,000 for Tom and Faith respectively.   The following balances were extracted from the books of the partnership as at 30th, September 2020:   $ Capital accounts:   Tom         14,000 Faith 10,000 Current accounts:   Tom 4,000 Faith 2,500 Drawings:   Tom 3,800 Faith 2,200 During the year the partners had made a net profit of $15,000 for the business. Required: Prepare the partners’ current accounts as at 30th September 2020.