ABC contributed P48,000 and DEF contributed P96,000 to form a partnership and they agreed to share profits in the ratio of their original capital contributions. During the first year of operations, they made a profit of P32,580, ABC withdrew P10,100 and DEF P16,000. At the start of the following year, they agreed to admit GHI into the partnership. He was to receive a one-fourth interest in the capital and profits upon payment of P60,000 to ABC and DEF, how much should ABC received from GHI?
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- Nali contributed P24,000 and To contributed P48,000 to form a partnership and they agreed to shareprofits in the ratio of their original capital contributions. During the first year of operations, they made aprofit of P16,290; Nali withdrew P5,050 and Toh P8,000. At the start of the following year, they agreedto admit Me into the partnership. Me was to receive a one fourth interest in the capital and profits uponpayment of P30,000 to Nali and Tohh, whose capital accounts were to be reduced by transfers of Me’scapital account of amounts sufficient to bring them back to their original capital ratio.How much of the P30,000 paid by Me be given to NaliAgustin contributed P78,000 and Biag contributed P156,000 to form nartnership, and they agreed to share profits in the ratio of their original capital contributions. During the first year of operations, they made a profit of P52,942.50; Agustin withdrew P16,412.50 and Biag P26,000. At the start of the following year, they agreed to admit Carlos into the partnership. He was to receive a one-fourth interest in the capital and profits upon payment of P97,500 to Agustin and Biag, whose capital accounts were to be reduced by transfers to Carlos' capital account of amounts sufficient to bring them back to their original capital ratio. How should the P97,500 paid by Carlos be divided between Agustin and Biag. a. Agustin, P31,931.25; Biag, P65,568.75. b. Agustin, P48,750; Biag, P48,750 C. Agustin, P32,500; Biag, P65,000. d. Agustin, P30,225; Biag, P67,275Nali contributed P24,000 and To contributed P48,000 to form a partnership and they agreed to shareprofits in the ratio of their original capital contributions. During the first year of operations, they made aprofit of P16,290; Nali withdrew P5,050 and Toh P8,000. At the start of the following year, they agreedto admit Me into the partnership. Me was to receive a one fourth interest in the capital and profits uponpayment of P30,000 to Nali and Tohh, whose capital accounts were to be reduced by transfers of Me’scapital account of amounts sufficient to bring them back to their original capital ratio.
- 2.) Nali contributed P24,000 and To contributed P48,000 to form a partnership and they agreed to shareprofits in the ratio of their original capital contributions. During the first year of operations, they made aprofit of P16,290; Nali withdrew P5,050 and Toh P8,000. At the start of the following year, they agreed to admit Me into the partnership. Me was to receive a one fourth interest in the capital and profits upon payment of P30,000 to Nali and Tohh, whose capital accounts were to be reduced by transfers of Me’s capital account of amounts sufficient to bring them back to their original capital ratio.How much of the P30,000 paid by Me be given to NaliA. 10,000 C. 5,570B. 9,300 D. 3,730 3.) Erik, John and Nate were partners with capital balances on January 2, 2020 of P70,000, P84,000 and P56,000, respectively. Their profit and loss sharing ratio is 3:5:2. On July 1, 2020, Erik retires from the partnership. On the date of retirement the partnership net profit from operations is…PP contributed 24,000 and CC contributed 48,000 to form a partnership and they agreed to shareprofits in the ratio of their original capital contributions. During the first year of operations, theymade a profit of 16,290. PP withdrew 5,050 and CC 8,000. At the start of the following year, theyagreed to admit GG into the partnership. He was to receive a1/4 interest in the capital and profitsupon payment of 30,000 to PP and CC whose capital accounts were reduced by transfers to GG’scapital account of amounts sufficient to bring them back to their original capital ratio. How shouldthe 30,000 paid by Gg be divided between PP and CC? a. PP 9,825; CC 20,175 b. PP 15,000; CC 15,000c. PP 10,000; CC 20,000d. PP 9,300; 20,700Nali contributed $24,000 and Toh contributed $48,000 to form a partnership and they agreed to share profits in the ratio of their original capital contributions. During the first year of operations, they made a profit of $16,290; Nali withdrew $5,050 and Toh $8,000. At the start of the following year, they agreed to admit Me into the partnership. Me was to receive a one fourth interest in the capital and profits upon payment of $30,000 to Nali and Toh, whose capital accounts were to be reduced by transfers of Me’s capital account of amounts sufficient to bring them back to their original capital ratio. How much of the $30,000 paid by Me must be given to Nali? A. 10,000 B. 9,300 C. 5,570 D. 3,730
- A contribute P48,000 and B contributed P96,000 to form a partnership, and they agreed to share profits in the ratio of their original capital contributions. During the first year of operations, they made a profit of P32,580; A withdrew P10,100 and B P16,000. At the start of the following year, they agreed to admit C into the partnership. He was to receive a ¼ interest in the capital and profits upon payment of P60,000 to A and B, how much should A received from C? Please answer in good accounting form. Thank youJpea, Jic, and Jfenix formed a partnership and named it ESBIEYEY. At the end of the year, the partnership earned a profit of P 1,000,000. The capital balances are P250,000, P280,000, and P270,000 for Jpea, Jic, and Jfenix, respectively. The partners agreed to distribute the profit as follows: Interest to ending capital of 10% will be given Jpea and Jic will be given a salary amounting to P 150,000 each Jfenix will be given a bonus of 10% of net income after interest, salary and bonus Remaining profit is to be distributed equally How much is the bonus given to Jfenix? A. P 67,000 B. P 62,000 C. P 56,364 D. P 60,909 How much is Jpea’s share in net income? A. P 365,879 B. P 360,879 C. P 362,879 D. P 364,879 How much is Jic’s share in net income? A. P 360,879 B. P 362,879 C. P 364,879 D. P 365,879Jpea, Jic, and Jfenix formed a partnership and named it ESBIEYEY. At the end of the year, the partnership earned a profit of P 1,000,000. The capital balances areP 250,000, P 280,000, and P 270,000 for Jpea, Jic, and Jfenix, respectively. The partners agreed to distribute the profit as follows: • Interest to ending capital of 10% will be given Jpea and Jic will be given a salary amounting to P 150,000 each Jfenix will be given a bonus of 10% of net income after interest, salary and bonus • Remaining profit is to be distributed equally 26. How much is the bonus given to Jfenix? c. P 67,000 d. P 60,909 а. р 62,000 b. Р 56, 364 27. How much is Jpea's share in net income? a. P 364,879 b. P 360,879 c. P 365, 879 d. P 362,879 28. How much is Jic's share in net income? a. P 364,879 b. P 360,879 c. P 365,879 d. P 362,879
- Pipoy contributed P 24,000 and Kikay contributed 48,000 to form a partnership, and they agreed to share profits in the ratio of original contributions. During the 1st year of operations, they made a profit of 16,290; Pipoy withdraw 5,050 and Kikay withdraw 8,000. At the start of the following year, they agreed to admit Gigi into the partnership. She was to receive a ¼ interest in the capital & profits upon payment of 30,000 to Pipoy & Kikay. * What is the Capital balance of Pipoy & Kikay before admission of Gigi? 24,380 ; 50,860 respectively 29,430 ; 58,860 respectively 24,000 ; 48,000 respectively 18,950 ; 40,000brespectively * What is the book value of interest acquired by Gigi? a. 18,000 b. 26,310 c. 18,810 d. not given * What is the new profit-loss sharing ratio for Kikay? a. 53.33% b. 25% c. 26.67% d. 50%Jenkins, Willis, and Trent invested $252,000, $441,000, and $567,000, respectively, in a partnership. During its first year, the firm recorded profit of $639,000. d- The partners agreed to share profit by providing annual salary allowances of $123,000 to Jenkins, $133,000 to Willis, and $68,000 to Trent; allowing 10% interest on the partners’ beginning investments; and sharing the remainder equally. Record to close income summary account.Show the solution in good accounting form Nali contributed P24,000 and To contributed P48,000 to form a partnership and they agreed to share profits in the ratio of their original capital contributions. During the first year of operations, they made a profit of P16,290; Nali withdrew P5,050 and Toh P8,000. At the start of the following year, they agreed to admit Me into the partnership. Me was to receive a one fourth interest in the capital and profits upon payment of P30,000 to Nali and Tohh, whose capital accounts were to be reduced by transfers of Me's capital account of amounts sufficient to bring them back to their original capital ratio. How much of the P30,000 paid by Me be given to Nali? A. 10,000 B. 9,300 C. 5,570 D. 3,730