The partnership of Alvin, Benny and Celia provides that profits are to be divided as follows:   Alvin is to receive a salary of P20,000 for managing the partnership business. Partners are to receive 10% interest on average capital balances. Remaining profits are to be divided 30%, 30% and 40% to Alvin, Benny and Celia,   respectively.   Alvin had a capital balance of P120,000 at January 1, 2021 and had temporary drawings of P16,000 during the year ended December 31, 2021. Benny's capital balance on January 1, 2021 was P180,000 and he invested an additional P60,000 on September 1, 2021. Celia's beginning capital balance was P220,000 and she withdrew P20,000 on July 1 but invested an additional P40,000 on October 1, 2021.   Assuming that the partnership had a net income of P30,000, determine the share of:   Alvin Benny Celia  in net income

On January 1, 2021, Kobe, Lebron, and Michael formed a partnership with respective capital contribution of P2,000,000, P5,000,000, and P3,000,000. The articles of co-partnership provides that profit or loss shall be distributed accordingly: a. 20% interest on original capital contribution. b. P30,000 monthly salary for Kobe and P50,000 monthly salary for Michael. c. The remainder shall be distributed on the basis of original capital contribution ratio. On December 31, 2021, Kobe and Lebron made withdrawals of P500,000 and P1,000,000, respectively. the statement of financial position of the partnership shows that Lebron’s capital on December 31, 2031 is P6,500,000. What is the capital balance of Kobe on December 31, 2021

how do i calculate remainder to allocate?

The partnership contract of Ali & Yousif LLP provided for salaries of $45,000 to Ali and $35,000 to Yousif, with any remaining income or loss divided equally. During 2005, pre-salaries income of Ali & Yousif LLP was $100,000. During 2020, Ali's share of net income is: O a. 55000 O b. 37000 O c. 35000 O d. 45000

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 $26,000 and $18,000, 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 $59,000 and Dawn's is $43,000. Required: Prepare an income distribution schedule assuming the income of the partnership is (a) $90,000 and (b) $28,000. 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. (a) Distribution of $90,000 income: Profit percentage Average capital Net income Interest on average capital Salary Residual income (deficit) Allocate Total (b) Distribution of $28,000 income: Angela 70 % $ 26,000 Dawn 64,100 $ 102,200 30 % $18,000 $ 5,900 $ 4,300 32,200…

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 14 percent interest on average capital investment. Any residual profit or loss is divided equally.   The average capital investments for 2021 were as follows:          Jones $ 100,000 King   200,000 Lane   300,000     The partnership earned $48,000 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.)

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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

9. JJ&T Partnership has three partners, James Small, Josh Platt, and Turner Lyle, who allocate net income according to the services provided and any remainder equally. The partnership agreement states that James and Turner will provide services for $2,500 a month while Josh will provide services for $3,750. For the fiscal year ending December 31, 2015, the partnership earned $192,600. Determine the amount allocated to each partner and prepare the journal entry to record the division of net income.