The partnership of Maria, Clara, and Rita was formed on January 2, 2013. The original investments were as follows: Maria P80,000 Clara 120,000 Rita 180,000 According to the partnership agreement, net income or loss will be divided among the respective partners as follows: 1. Salaries of P12,000 for Maria, P10,000 for Clara, and P8,000 for Rita. 2. Interest of 8 percent on the average capital balances of Maria, Clara and Rita during the year. 3. Remainder divided equally. Additional information. 1 Net income of the partnership for the year ended December 31, 2013. was P70,000. 2 Maria invested an additional P20,000 in the partnership on July 1, 2013. 3 Rita withdrew P30,000 from the partnership October 1, 2013 4. Maria, Clara, and Rita made regular drawings against shares of net income during the year of P10,000 each.

In partnership liquidation the first cash distribution should be made for Select one: a. loan to bank b. partner capital c. loan to partner d. Liquidation expenses 000

3.1 Tasneem and Nazreen were friends with simlar hobbles. They formed a partnershlp with a written partnership agreement to trade in pastry and related products as Tasnaz's Pastry. The following were extracted from their accounting records; Balances In the ledger at 30 June 2021 R Capital : Tas 407 000 Capital : Naz 363 000 Current account: Tas credit balance at 1 July 2020 8 052 Current account: Naz: debit balanoe at1 July 2020 2 640 Drawings : Tas Drawings : Naz 88 000 140 800 Proft for the year 438 636 Additional Information: The partnership agreement provides for the following that needs to be taken Into account: 1. Partners are entitled to salaries as follows: Tas - R8 000 per month, Naz - R10 000 per month. 2. Interest on capital accounts are allowed at 12% per year on each partners capital on a pro-rata basis. Note the following that on 1 January 2021: • Tas decreased her capltal account by R27 000; and • Naz Increase her capital account by R17 00. 3. Interest at 10% per year is…

Entries for Allocation of Net Income Danny Spurlock and Tracy Wilson decided to form a partnership on July 1, 20-1. Spurlock invested $100,000 and Wilson invested $25,000. For the fiscal year ended June 30, 20-2, a net income of $79,000 was earned. Determine the amount of net income that Spurlock and Wilson would receive under each of the following independent assumptions: Income to be allocated     $fill in the blank 1   Spurlock Wilson Total 1.  There is no agreement concerning the distribution of net income. $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 2.  Each partner is to receive 10% interest on their original investment. The remaining net income is to be divided equally. $fill in the blank 5 $fill in the blank 6 $fill in the blank 7 3.  Spurlock and Wilson are to receive a salary allowance of $33,000 and $24,000, respectively.The remaining net income is to be divided equally. $fill in the blank 8 $fill in the blank 9 $fill in the blank 10 4.  Each…