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Ar partner a who is the chef gets a salary of p25000

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·Ar-PartnerA,who Isthechef, gets a salaryofP25,000 a ·/year;Partne_r-B, ·who is still teaming, gets a ,illaryof,P10~000..B.InterestIsImputedontheaverage capitalbalancesat150/o.C.Any remaining profitsorlossesaretobesharedequally.Theaveragecapital balancesduring the year .were P20,000and PS0,000forPanerA and Partner B, respectively, .48.lfthe partnIpnetIncomeforthe year IsPl7,500,calculate amountbywhichthenetIncome wasocated. ·,~PO~28,_000b. P20,800d.P20,080.49. ThenetIncomewasdistributedto. the partners as~ows:·. I..!)Partner A, PS,000; PartnerB,P9,500b.Partner A, PB,750; Partner B,pB,750c.PartnerA,P12,SOO;Partner B PS,000J!i;::::!'artner A, P14,000·; PartnerB, P3,500SO.The Journal entrycordedforthe dlstrib~~~onofprof!_tlnd~ded·A debitInterestexpenseofPl0,500XAIttoA, capitalofPB,000 ,..._PrepaidexpensesAccountspayableAc:aveclexpensesNetasset(124,000)P2s,00J(124,000,,.·~--,(8,000)P474,200debittoSalaryexpenseofPJS,000,>--A debittoIncome SummaryofPt7,500uch Is the totalagreedcapital upon formation?OendOP711,300C,P790,333'....b,P730,933 ·d. P713,100·r;;__~_.'.:-!..:1J.!.:\!!L~.!~h.- ? _l"r>::;_• --~-~--l~'ii{,;1t~rd,:>c.i1H)c•r.11h,'x"l!nl,D!i:..:,c;:o:m=-,=0:i:b:------'-----A=FA~R:-.~S~ff=--..---~·--- -
l/lL?lLPll?Jnip.frExce_lProfessionalServices,Inc.ManagementFirmofProfessionalReviewandTrainingCenter(PRTC)(LUZON) Manila 7339344.,,Santiago City,Isabela(0918)2B07130CalambaCity,Laguna-tDasmariiiasCity,CaviteLipa,Batangas(0917) 8852769(VISAYAS)BacolodCit-,(034)4346214CebuCity(032)2537900loc.218(MINDANAO) Cagayan DeOroCity(0995)0570499"'DavaoCity(082)2250049Since1977AFARFinal Preboard.SETBCPAREVIEWMDELEONMAY2019ThefollowingdataarefromtherecordsofABCPartnership,ABCPartnershipBalance SheetDecember 31, ·2018AssetsCashOths!rnoncashassetsLiabilities&Net WorthP 2,000LiabilitiesP 5,00028,000A, Loan2,500TotalA, Capital.B,CapitalC,Capital~.Q.Q.Q.QTotal12,5007,0003.000eJ.Q,.00.0The partnership liquidates on January 1, 2019. Theothernoncash assets were realized as follows:DateCash ReceivedBook ValueJan., 2018P6,000P9,000-~•""'Feb., 2018·3,5007,70011,,~Mar., 201812,50011,300--.Cash is distributedasassets are realized. The partnersshare profits and losses~.1.Cash receiyed by A in January isa.P3,00oc.P 500b.Pl,000d.P0The following information pertainstoquestions 32 through34inclusively.PILIPINASENTERPRISES, whose functional currency isthePhilippine peso, has a single wholly-owned subsidiary inDuterteland, whose local curr!!ncy is Rod. The subsidiary,DU30 Company, was acquiredonJanuary 1, 2019. DU30submitteditsfinancialstatementsfor2019 to PILIPINAS.Selected exchange ratesineffectthroughout2019 areshown below:January 1, 2019December 31, 2019Averagefor2019DateofpurchaseofinventoryonhandRlRlRlRlP0.8150P0.8175- ,P0.8250--P0.8300Date dividends were declared andPPEwaspurchasedRlP0.8125DU30 financial resultsfor2C19 wereasfollows:.INCOMESTATEMENTRETAINEDEARNING(INRods)STATEMENT(INRods)SalesRS,000,000January 1,GastofsalesDepreciationexpenseBondInterestexpense3,500,000150,0002019Net incomeDividendsOther expenseNet income100,000750,000R 500,000Dec. 31,2019STATEMENTOFFINANCIALPOISIT.IONCashRl,200,000Current'ltabllitiesAccountsreceivableInventoryPlantBonds1,900,000payable700,000Share capitalRetained.

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Term
Fall
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Tags
Balance Sheet, partner

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