5: Riya, Dilip and Kirtan are partners of a partnership firm. The share of Kirtan is th of share of Dilip and share of Riya is double of share of Kirtan. Determine the amount of profit of each partner, if the profit of the firm at the end of the year was 1,92,000.
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- 8. The X & Y Partnership earned P500,000 this year. The partners have equal capital balances, and share profit and losses 1:3. Partner Y will share in the partnership profit of how much. *After a year of operations, the partnership of Deborah, Emilda and Fe generated income amounting to P 150,000. The capital balance of Deborah is P 50,000 while Emilda and Fe each have a capital balance of P 75,000. The partners share profits based on capital ratio. How much is the share of Deborah in the income of the partnership? A. P 75,000 B. P 56,250 C. P 37,500 D. P 60,0002. The partnership of David White and Paul Wacker incurred net income of $40,000 for the current year. David had invested $30,000 and Paul had invested $45,000. Calculate he distribution share to each partner if profits are divided in the ratio of:a. Investmentsb. 3:1
- 22. Trixie and Uriah formed a partnership. Net income at year-end amount to P 100,000. They decided to divide profit based on average capital. Below are the capital balances of Trixie and Uriah for different periods in the year. Trixie Uriah January 1 150,000 120,000 April 1 180,000 September 1 150, 000 December 31 120,000 130,000 How much is Trixie's share in the net income of the partnership? a. P 42,975 b. P 51,923 c. P 57,025 d. P 48,0775. Partners X, Y and Z have capital balances capital balances in a partnership of P140,000, P60,000 and P1,800,000. The operations for the year resulted in a loss of P240,000. What will be the capital balance of Y if the three partners share in the profits of the partnership in the ratio of 2:2:6?Answer the following three questions. Paul and Roger are partners who share income in the ratio of 3:2 (3/5 to Paul and 2/5 to Roger). Their capital balances are $90,000 and $130,000, respectively. The partnership generated net income of $50,000 for the year. What is Paul’s capital balance after closing the revenue and expense accounts to the capital accounts? a.$108,000 b.$115,000 c.$180,000 d.$120,000 Jackson and Campbell have capital balances of $100,000 and $300,000, respectively. Jackson devotes full time and Campbell devotes one-half time to the business. Determine the division of $150,000 of net income in the ratio of capital balances. a.$75,000 and $75,000 b.$37,500 and $112,500 c.$100,000 and $50,000 d.$50,000 and $100,000 Douglas pays Selena $42,600 for her 27% interest in a partnership with net assets of $126,700. Following this transaction, Douglas's capital account should have a credit balance of a.$126,700 b.$11,502 c.$42,600 d.$34,209
- 7. The partners of MMK Partnership are Mara, Mira and Kara. During the current year, their average capital balances are as follows: Mara – P 140,000; Mira – P 100,000; Kara -P 120,000. The articles of partnership provided the following terms: 1. Annual interest of 5% on their average capital balances. 2. Salary allowances as follows: Mara – P 40,000 and Mira – P 60,000. 3. Mira shall receive bonus of 20% of income in excess of P25,000 after partner's interest and Salary allowances. 4. Residual profits shall be divided in the ratio of 2:2:6 to Mara, Mira and Kara. How much will Mira receive if the net income earned is P 155,000? x1 Page: 1/2 Section: 1/1 Setvalue: 4.Sin Row: 16 Column 43 Words: 937 a Spell Check 193% - +Anubha and Kajal are partners of a firm sharing profits and losses in the ratioof 2:1. Their capital, were Rs.90,000 and Rs.60,000. The profit during the year were Rs. 45,000. According to partnership deed, both partners are allowed salary, Rs. 700 per month to Anubha and Rs. 500 per month to Kajal. Interest allowed on capital @ 5%p.a. The drawings at the end of the period were Rs. 8,500 for Anubha and Rs. 6,500 for Kajal. Interest is to be charged @ 5% p.a. on drawings. Prepare partners capital accounts, assuming that the capital account are fluctuating.PROBLEM: John and Paul are partners who share profits and losses in the ratio of 3:2respectively. John’s salary is P180,000 and Paul’s is P140,000. The partners are paid interest on their average capital balances where John received interest of P30,000 and Paul, P 15,000. The profit and loss allocation is determined after deduction for the salary and interest payments. QUESTION: If John received P280,000 from partnership income, what was the total partnership income? (Good Accounting Form)
- X, Y and Z are in partnership. X receives a salary of $14,000. If the profits for the year are $80,000 and the partners share profits equally, what is Y's share of the profits? A $14,000 B $22,000 C $26,000 D $26,667Please Answer the following step by step. Tomas and Saturn are partners who share income in the ratio of 3:1 (3/4 to Tomas and 1/4 to Saturn). Their capital balances are $93,800 and $70,600, respectively. The partnership generated net income of $44,800. What is Tomas's capital balance after closing the revenue and expense accounts to the capital accounts? a.$142,660 b.$132,265 c.$127,400 d.$122,029A and B are in partnership sharing profits and losses in the ratio 3:2 respectively. Profit for the year was $86,500. The partners' capital and current account balances at the beginning of the year were as follows: A B $ Current accounts 5,750CR 1,200CR Capital accounts 10,000CR 8,000CR A's drawings during the year were $4,300, and B's were $2,430. What should A's current account balance be at the end of the year? $51,900 B 57,650 $53,350 D $61,950