Villanueva and Mulles are partners sharing profits in the ratio 3:2. On Jan. 1, 2016,Lucena joined the partnership and the new profit sharing ratio is as follows:Villanueva 40%, Mulles 30% and Lucena 30%. Profits for the year ended June 30,2016 were:6 months ended Dec. 31, 20156 months ended June 30, 2016P300,000P450,000An irrecoverable debt of P50,000 was written off in the six months to June 30 incomputing the P450,000 profit. It was agreed that this expense should be borne byVillanueva and Mulles only. What is Villanueva's total profit share for the yearended June 30, 2016?a. P330,000b. P310,000c. P340,000d. P350,000

Villanueva and Mulles are partners sharing profits in the ratio 3:2. On Jan. 1, 2016. Lucena joined the partnership and the new profit sharing ratio is as follows: Villanueva 40%, Mulles 30% and Lucena 30%. Profits for the year ended June 30, 2016 were: P300,000 P450,000 6 months ended Dec. 31, 2015 6 months ended June 30, 2016 An irrecoverable debt of P50,000 was written off in the six months to June 30 in computing the P450,000 profit. It was agreed that this expense should be borne by Villanueva and Mulles only. What is Villanueva's total profit share for the year ended June 30, 2016? a. P330,000 b. P310,000 c. P340,000 d. P350,000

Villanueva and Mulles are partners sharing profits in the ratio 3:2. On Jan. 1, 2016. Lucena joined the partnership and the new profit sharing ratio is as follows: Villanueva 40%, Mulles 30% and Lucena 30%. Profits for the year ended June 30, 2016 were: P300,000 P450,000 6 months ended Dec. 31, 2015 6 months ended June 30, 2016 An irrecoverable debt of P50,000 was written off in the six months to June 30 in computing the P450,000 profit. It was agreed that this expense should be borne by Villanueva and Mulles only. What is Villanueva's total profit share for the year ended June 30, 2016? a. P330,000 b. P310,000 c. P340,000 d. P350,000

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter12: Accounting For Partnerships And Limited Liability Companies

Section: Chapter Questions

Problem 3PA

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Villanueva and Mulles are partners sharing profits in the ratio of 3:2. On Jan 1,, 2019. Lucena joined the partnership and the new profit sharing ratio is as follows: Villanueva-40%, Mulles-30% and Lucena-30%. Profits for the year ended June 30, 2019 were: ^ months ended Dec. 31,, 2018 - P300.000; 6 months ended June 30, 2019 - P450,000. An irrecoverable debt of P50,000 was written off in the six months to June 30 in computing the P450,000 profit. It was agreed that this expense should be borne by Villanueva and Mules only. What is Villanueva's total profit share for the year ended June 30, 2019? 5 points a. P330,000 b. P310,000 c. P340,000 d. P350,000
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