Orosco and Castillo divide partnership profits and losses solely on the basis of average capital balances. Orosco had P450,000 invested during all of 2016; Castillo P300,000 invested from January 1 to September 30, and he invested another P200 on October 1. If profit was P2,000,000 during 2016, how much should each par

Orosco and Castillo divide partnership profits and losses solely on the basis of average capital balances. Orosco had P450,000 invested during all of 2016; Castillo P300,000 invested from January 1 to September 30, and he invested another P200 on October 1. If profit was P2,000,000 during 2016, how much should each par

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter11: Investor Losses

Section: Chapter Questions

Problem 34P

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The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $40,000 B. $25,000 C. ($5,000) In addition, show the resulting entries to each partners capital account. Tatums capital account balance is $50,000 and Brooks is $60,000.
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Distribution of Profits or Losses Based on Partner's Agreement Ables and Galang divide partnership profits and losses solely on the basis of their average capital balances. Ables had P275,000 invested during all of 2016; Galang had invested P200,000 invested from January 1 to August 31, and he invested another P75,000 on September 1. If profit was P800,000 during 2016, how much should each partner receive?
Ables and Galang divide partnership profits and losses solely on the basis of their average capital balances. Ables had 275,000 invested during all of 2018; Galang had 200,000 invested from January 1 to August 31, and he invested another 75,000 on September 1. If profit was 800,000 during 2018, how much should each partner receive?
As of December 31, 2015, D, E and F has adjusted capital balances of P100,000, P250,000 and P150,000, respectively, and shares profit equally. At the start of 2016, the partners admitted G for a 10% interest in profit and capital by contributing P100,000. The partnership earned P120,000 net income in 2009. How much is E's share in the partnership profit? Show your solution a. P24,000 b. P36,000 c. P40,000 d.P54,000
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