The partnership run by Evans, Fitch, and Gaul has a complicated profit-and-loss sharing arrangement. On December 31, 2006, each partner had an average capital balance of P300, 000 for Evans, P250,000 for Fitch, and P325,000 for Gaul. Each partner receives an allotment of 8% of the interest. A salary allotment of P10, 000 and P15, 000 is given to Evans and Fitch, respectively. Gaul will be given a bonus equal to 10% of the initial amount of net income if partnership net income exceeds P25, 000 after the salary allocations have been taken into account (but before the interest allocations have been taken into account). All residual revenue is distributed to Evans, Fitch, and Gaul in the proportions of 2:3:5. How much of the partnership's revenue, supposing it to be P250, 000, must be assigned to Gaul?

Ebanks, Brown, and Thomas are partners. They carry on a business jointly as EBT surveyors and share profits and losses in the ratio 25:45: 30.    The trading account profit as at 31 December 2021 was $6,500,000 after charging a nominal tax of $750,000.                                                           Notes: The partners receive interest on their capital accounts at 9.5 % on the balance of their partner capital at the end of the budget year. The interest on the capital account was not included in the income statement. Include in the income statement is $80,000 salary per month for each partner. The partnership paid motor vehicle expenses for vehicles owned by the partners as follows: Ebanks -$ 50,000 Brown - $80,000 Thomas - $130,000              The partners did not use the vehicles for the partnership business.  Profit on disposal was $180,000. Depreciation on plant and machinery for the year was $900,000. In recognition of the new IFRS 9 standard, a provision for bad…

heng invested $108,000 and Murray invested $208,000 in a partnership. They agreed to share incomes and losses by allowing a $62,000 per year salary allowance to Zheng and a $42,000 per year salary allowance to Murray, plus an interest allowance on the partners' beginning-year capital investments at 10%, with the balance to be shared equally. Assuming net income for the current year is $109,000, the journal entry to allocate net income is: Debit Income Summary, $109,000; Credit Zheng, Capital, $54,500, Credit Murray, Capital, $54,500. Debit Income Summary, $109,000; Credit Zheng, Capital, $36,600, Credit Murray, Capital, $72,400. Debit Zheng, Capital, $59,500, Debit Murray, Capital, $49,500; Credit Income Summary, $109,000; Debit Income Summary, $109,000; Credit Zheng, Capital, $59,500, Credit Murray, Capital, $49,500. Debit Income Summary, $109,000; Credit Zheng, Capital, $42,900, Credit Murray, Capital, $66,100.