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  • ASSIGNMENT

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    Keith Joshua Gabiason
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    Partners A and B have a profit sharing agreement that includes annual salaries of P20,000 for A and P25,000 for B, a 10% bonus on net income for A, and 20% interest on average capital balances. With net income of P88,000, the calculations show a bonus of P8,000 for A. [SUMMARY

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    Partners A and B have a profit sharing agreement that includes annual salaries of P20,000 for A and P25,000 for B, a 10% bonus on net income for A, and 20% interest on average capital balances. With net income of P88,000, the calculations show a bonus of P8,000 for A. [SUMMARY

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    5K views15 pages

    ASSIGNMENT

    Uploaded by

    Keith Joshua Gabiason
    Partners A and B have a profit sharing agreement that includes annual salaries of P20,000 for A and P25,000 for B, a 10% bonus on net income for A, and 20% interest on average capital balances. With net income of P88,000, the calculations show a bonus of P8,000 for A. [SUMMARY

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 15

    Partner Alta had a capital balance on January 1, 20x4 of P45,000 and made additional capital contributions duri

    Beg Cap. Bal 45,000.00 Final Answer: 31,000.00


    Additional Investment 50,000.00
    Withdrawals - 96,000.00
    Share in net income 31,000.00 (squezzed)
    End Capital 30,000.00

    Partners A and B have a profit and loss agreement with the following provisions: salaries of P20,000 and P25,00

    A B TOTAL Net Income


    88,000.00
    Salaries 20,000.00 25,000.00 45,000.00 43,000.00
    Interest 8,000.00 10,000.00 18,000.00 25,000.00
    Bonus 8,000.00 - 8,000.00 17,000.00
    Balance 8,500.00 8,500.00 17,000.00 -
    44,500.00 43,500.00 88,000.00

    Final Answer 44,500.00

    BB and GG formed a partnership in 20x4. The partnership agreement provides for annual salary allowances of P

    BB GG TOTAL Net Income


    80,000.00
    Salaries 55,000.00 45,000.00 100,000.00 - 20,000.00
    Balance - 12,000.00 - 8,000.00 - 20,000.00
    43,000.00 37,000.00 80,000.00

    Partners A and B have a profit and loss agreement with the following provisions: salaries of P30,000 and P45,00

    A B TOTAL Net Income


    108,600.00
    Salaries 30,000.00 45,000.00 75,000.00 33,600.00
    Interest 5,000.00 6,500.00 11,500.00 22,100.00
    Bonus 3,600.00 - 3,600.00 18,500.00
    Balance 4,625.00 13,875.00 18,500.00 -
    43,225.00 65,375.00 108,600.00

    Final Answer 43,225.00

    Partners A and B have a profit and loss agreement with the following provisions: salaries of P40,000 and P45,00
    Partners A and B have a profit and loss agreement with the following provisions: salaries of P40,000 and P45,00

    A B TOTAL Net Income


    52,000.00
    Salaries 40,000.00 45,000.00 85,000.00 - 33,000.00
    Interest 6,000.00 9,000.00 15,000.00 - 48,000.00
    Bonus 3,000.00 - 3,000.00 - 51,000.00
    Balance - 34,000.00 - 17,000.00 - 51,000.00 -
    15,000.00 37,000.00 52,000.00

    Partners Acker, Becker, and Checker have the following profit and loss agreement"
    a. Acker and Becker receive salaries of P40,000 each
    b. Checker gets a bonus of 10% of net income after salaries and bonus
    c. Remaining profits are shared by Acker, Becker and Checker in the following ratios
    The partnership had a net income of P91,000. How much should be allocated to Checker?

    Acker Becker Checker Total

    Salaries 40,000.00 40,000.00 - 80,000.00


    Bonus - - 1,000.00 1,000.00
    Balance 3,000.00 4,000.00 3,000.00 10,000.00
    43,000.00 44,000.00 4,000.00 91,000.00

    Partners A and B have a profit and loss agreement with the following provisions: salaries of P41,600 and P38,40

    A B TOTAL Net income


    36,000.00
    Salaries 41,600.00 38,400.00 80,000.00 - 44,000.00
    Interest 2,000.00 3,500.00 5,500.00 - 49,500.00
    Bonus 4,000.00 - 4,000.00 - 53,500.00
    Balance - 17,833.33 - 35,666.67 - 53,500.00 -
    29,766.67 6,233.33 36,000.00

    Partners Tuba and Drum share profits and losses of their partnersip equally after annual salary allowances of P2

    Tuba Drum Total Net income


    50,000.00
    Salaries 25,000.00 20,000.00 45,000.00 5,000.00
    Interest 6,000.00 9,000.00 15,000.00 - 10,000.00
    Balances - 5,000.00 - 5,000.00 - 10,000.00 -
    26,000.00 24,000.00 50,000.00
    Mack and Ruben are partners operating an electronics repair shop. For 20x4, net income, after salaries expense

    M R Total Net Income


    200,000.00
    Salaries 90,000.00 60,000.00 150,000.00 50,000.00
    Balances 30,000.00 20,000.00 50,000.00 -
    120,000.00 80,000.00 200,000.00

    Robbie and Ruben are partners operating a portable toilet lease and maintenance operation. For 20x4, net inco

    Robbie Ruben Total Net Income


    50,000.00
    Salaries 30,000.00 20,000.00 50,000.00 -
    30,000.00 20,000.00
    Robbie=90000/150000*50000
    Ruben=60000/150000*50000
    nal capital contributions during 20x4 totaling P50,000. During the year 20x4, Alta withdrew P8,000 per month. Alta's post-closing capita

    laries of P20,000 and P25,000 for A and B, respectively; a bonus to A of 10% of net income after bonus; and interest of 20% on average

    Bonus Computation
    B=10%(88000-B)
    B= (8800-.10b)
    .10+B=8800
    1.10B=8800
    1.1
    B= 8,000.00

    nnual salary allowances of P55,000 for BB and P45,000 for GG. The partners share profits equally and losses in a 60:40 ratio. The partn

    laries of P30,000 and P45,000 for A and B, respectively; a bonus to A of 12% of net income after salaries and bonus; and interest of 10%

    B= 12%(108600-75000-b)
    B= 13032-9000-.12b
    B= 4032-.12b
    .12B+B = 4032
    1.12B=4032
    1.12
    B= 3,600.00

    laries of P40,000 and P45,000 for A and B, respectively; a bonus to A of 10% of net income after salaries and bonus; and interest of 15%
    laries of P40,000 and P45,000 for A and B, respectively; a bonus to A of 10% of net income after salaries and bonus; and interest of 15%

    B=10%(52000-85000-b)
    B=5200-8500-.10b
    .10b+b=3300
    1.10b=3300
    1.1
    B= 3,000.00

    ies and bonus


    ecker in the following ratios respectively: 3:4:3

    Net income B=10%(91000-80000-b)


    91,000.00 B=9100-8000-.10b
    11,000.00 B=1100-.10b
    10,000.00 .10b+b=1100
    - 1.1b=1100
    1.1
    B=1000

    laries of P41,600 and P38,400 for A and B, respectively; a bonus to A of 10% of net income after salaries and bonus; and interest of 10%

    B=10%(36000-80000-b)
    B=3600-8000-.10b
    .10b+b=4400
    1.10b=4400
    1.1
    B=4000

    nnual salary allowances of P25,000 for Tuba and P20,000 for Drum and 10% interest is provided on average capital balances. During 20
    come, after salaries expense of P150,000 was P50,000. Mack and Ruben have salary allowances of P90,000 and P60,000, respectively,

    Add back the salary expense to the net income after salary expense to get the net income before salary expense
    50,000.00
    150,000.00
    200,000.00

    operation. For 20x4, net income was P50,000. Robbie and Ruben have salary allowances of P90,000 and P60,000, respectively, and rem
    r month. Alta's post-closing capital balance on December 31, 20x4 is P30,000. Alta's share of 20x4 pa

    us; and interest of 20% on average capital balances of P40,000 and P50,000 for A and B, respectively. A

    d losses in a 60:40 ratio. The partnership had earnings of P80,000 for 20x5 before any allowances to par

    ies and bonus; and interest of 10% on average capital balances of P50,000 and P65,000 for A and B, re

    ies and bonus; and interest of 15% on average capital balances of P40,000 and P60,000 for A and B, re
    ies and bonus; and interest of 15% on average capital balances of P40,000 and P60,000 for A and B, re

    ies and bonus; and interest of 10% on average capital balances of P20,000 and P35,000 for A and B, res

    verage capital balances. During 20x4, the partnership had earnings of P50,000; Tuba's average capita
    90,000 and P60,000, respectively, and remaining profits and losses are shared 6:4. The division of sala

    me before salary expense

    nd P60,000, respectively, and remaining profits and losses are shared 6:4. If their agreement specifies th

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