Q1: How much is the average capital balance of Mr. Chow for the year 2019? Q2: How much is the share of Mr. Jolly on the loss of P240,000 based on the profit ratio per ending capital of 2019? Q3: How much is the average capital balance of Ms. King for the year 2019?
Q1: How much is the average capital balance of Mr. Chow for the year 2019? Q2: How much is the share of Mr. Jolly on the loss of P240,000 based on the profit ratio per ending capital of 2019? Q3: How much is the average capital balance of Ms. King for the year 2019?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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V5. Mr. Chow, Ms. King, Mr. Jolly and Ms. Bee formed a partnership an Jan. 01, 2017 with original capital contributions of P300,000, P100,000, P200,000 and P400,000, respectively. On Jan. 01, 2019, capital accounts Of Mr. Chow, Ms. King, Mr. Jolly and Ms. Bee showed the beginning balance for the year of P450,000, P300,000, P250,000 and P400,000, respectively. On Sept 30, Mr. Chow and Ms. King invested P100,000 each. Ms. Bee withdrew her investment of P100,000 on Oct. 01 for personal reasons. The partnership suffered a net loss of P240,000.
Q1: How much is the average capital balance of Mr. Chow for the year 2019?
Q2: How much is the share of Mr. Jolly on the loss of P240,000 based on the profit ratio per ending capital of 2019?
Q3: How much is the average capital balance of Ms. King for the year 2019?
Q4: How much is the share of Ms. King on the loss of P240,000 based on the profit ratio per ending capital of 2019?
Q5: How much is the share of Mr. Jolly on the loss for 2019 if there is no agreement on the distribution of profit and loss ?
Q6: How much is the share of Mr. Chow on the loss for 2019 if there is no agreement on the distirubution of profit and loss?
Q7: How much is the share of Ms. Bee on the loss of P240,000 based on the profit ratio per beginning capital of 2019 i need to check my answers here i'll upvote twice whoever answers
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