3. Refozar, Martinez and Magsino formed a partnership. It's on a calendar year basis. The profit-sharing arrangements are as follows: Until June 30, 2016, the annual salaries are provided as follows: Martinez, P40,000 and Magsino, P20,000. The residual profit will be shared in the ratio of 6:2:2. From July 1, 2016, the salaries will be discontinued and the profit to be divided in the revised ratio of 5:3:2. Profit for the year ended Dec. 31, 2016 was P400,000 before charging partners' salaries, accruing evenly through the year, and after charging an expense of P40,000, which it was agreed related wholly to the first six months of the year. How should the profit for the year be divided among the partners?

3. Refozar, Martinez and Magsino formed a partnership. It's on a calendar year basis. The profit-sharing arrangements are as follows: Until June 30, 2016, the annual salaries are provided as follows: Martinez, P40,000 and Magsino, P20,000. The residual profit will be shared in the ratio of 6:2:2. From July 1, 2016, the salaries will be discontinued and the profit to be divided in the revised ratio of 5:3:2. Profit for the year ended Dec. 31, 2016 was P400,000 before charging partners' salaries, accruing evenly through the year, and after charging an expense of P40,000, which it was agreed related wholly to the first six months of the year. How should the profit for the year be divided among the partners?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Refozar, Martinez and Magsino formed a partnership. It’s on a calendar year basis.The profit-sharing arrangements are as follows: Until June 30,2018, the annual salaries are provided as follows: Martinez P40,000 and Magsino, P20,000. The residual profit will be shared in the ratio of 6:2:2. From July 1,2018, the salaries will be discontinued and the profit to be divided in the revised ratio of 5:3:2. Profit for the year ended Dec. 31,2018 was P400,000 before charging partners’ salaries, accruing evenly through the year and after charging an expense of P40,000, which it was agreed related wholly to the first six months of the year. How should the profit for the year be divided among the partners?
Refozar, Martinez and Magsino formed a partnership. It’s on a calendar year basis. The profit-sharingarrangements are as follows:Until June 30, 2019, the annual salaries are provided as follows: Martinez, P40,000 andMagsino, P20,000. The residual profit will be shared in the ratio of 6:2:2.From July 1,2019, the salaries will be discontinued and the profit to be divided in the revised ratioof 5:3:2.Profit for the year ended Dec. 31, 2019 was P400,000 before charging partners’ salaries, accruing evenlythrough the year, and after charging an expense of P40,000, which it was agreed related wholly to thefirst six months of the year. How should the profit for the year be divided among the partners? Refozar P182,000 Martinez P130,000 MagsinoP88,000 a. b. P200,000 P116,000 P84,000c. P198,000 P118,000 P88,000d. P180,000 P132,000 P88,000
Refozar, Martinez and Magsino formed a partnership. It’s on a calendar year basis. The profit-sharing arrangements are as follows:Until June 30, 2019, the annual salaries are provided as follows: Martinez, P40,000 and Magsino, P20,000. The residual profit will be shared in the ratio of 6:2:2.From July 1,2019, the salaries will be discontinued and the profit to be divided in the revised ratio of 5:3:2. Profit for the year ended Dec. 31, 2019 was P400,000 before charging partners’ salaries, accruing evenly through the year, and after charging an expense of P40,000, which it was agreed related wholly to the first six months of the year. How should the profit for the year be divided among the partners?
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
AB Partnership's operation for the year 2022 resulted in a profit of P240,000. Their profit sharing agreement provided the following: a. Salaries of P5,000 and P15,000 is to be given to A and B respectively; fres A fr free b. 10% of profit after salaries and bonus is to be given to Partner B; c. The balance is to be divided using the 7:3 ratio, respectively. How much profit is to be allocated to B?
AB Partnership’s operation for the year 2022 resulted in a profit of P240,000. Their profit sharing agreement provided the following: a. Salaries of P5,000 and P15,000 is to be given to A and B respectively; b. 10% of profit after salaries and bonus is to be given to Partner B; c. The balance is to be divided using the 7:3 ratio, respectively. How much profit is to be allocated to B?
2. Malaluan and Baral are in partnership. They share profits in the ratio 3:2 and close their accounts on June 30 each year. On Jan. 1, 2019, Castro joined the partnership. The profit-sharing ratio was revised to become Malaluan 50%, Baral 25% and Castro 25%, after providing for annual salaries as follows: Baral, P20,000 and Castro, P12,000. The partnership profit for the year ended June 30, 2019 was P480,000, accruing evenly over the year. What are the partners’ total share in profits for the year ended June 30, 2019?
Curtis and Sillett are in partnership, sharing profits in the ratio 3:2 and compiling their accounts to 30 June each year. On 1 January 2015, Mcallister joined the partnership, and from that the date the profit sharing ratio became Curtis 50%, Sillett 25% and Mcallister 25%, after providing for salaries for Sillet and Mcallister of $20,000 and $12,000 pa respectively. The partnership profit for the year ended 30 June 2015 was $480,000, accruing evenly over the year. What are the artners' total profit shares for the year ended June 2015? А. Curtis-256,000 , Sillet - 162,000 , Mcallister - 62,000 В. Curtis -264,000 , Sillet - 156,000 , Mcallister -60,000 С. Curtis - 264,000 , Sillet - 166,000 , Mcallister - 66,000 D. Curtis - 248,000 , Sillet - 168,000 , Mcallister - 64,000
Malaluan and Baral are in partnership. They share profits in the ratio 3:2 and close their accounts on June 30 each year.On Jan. 1, 2016, Castro joined the partnership. The profit-sharing ratio was revised to become Malaluan 50%, Baral 25% and Castro 25%, after providing for annual salaries as follows: Baral, P20,000 and Castro, P12,000. The partnership profit for the year ended June 30, 2016 was P480,000, accruing evenly over the year. What are the partners' total share in profits for the year ended June 30, 2016? Malaluan Baral Castro a. P256,000 P162,000 P62,000 P248,000 P264,000 d. b. P168,000 P64,000 C. P166,000 P66,000 P264,000 P156,000 P60,000
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: 6 months ended Dec. 31, 2015 6 months ended June 30, 2016 P300,000 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 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
Victoria, Wilda and Xenia are partners in a consultancy firm which commenced its operation on July 1, 2018. Victoria is the managing partner. As per agreement for sharing profits, the managing partner will receive a salary of P12,000 per month and the remaining profit will be shared by the partners equally. On December 31, 2018, the firm determined that its income was P 300,000. How much will Wilda receive as her share in the profit? A. P 76,000 B. P 96,000 C. P 52,000 D. P 84,000
On April 1, 2020, Lana, Brent and Marie formed LBM Partnership with original contributions ofP400,000, P100,000 and P500,000, respectively. The articles of co-partnership provides that profit orloss shall be distributed under the following terms:• Lana, Brent and Marie shall be entitiled to monthly salaries of P1,000, P2,000 and P3,000 eachrespectively.• 10% return on the original capital contribution.• As managing partner, Brent shall receive bonus equal to 20% of net income after salaries andinterest but before bonus.• The remainder shall be distributed on the basis of original capital ratio.During the year, the partners regularly withdraw 1⁄4 of their monthly salary. The December 31, 2020statement of financial position of LBM Partnership shows that the capital balance of Lana is P531,080.What is the share of Brent in the partnership net income?A. 108,038.75 C. 105,820B. 106,070 D. 103,195