In the year 2020, the partnership of Janrex and John Benet realized a net profit of...
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In the year 2020, the partnership of Janrex and John Benet realized a net profit of P240,000.00. The capital accounts of the partners show the following postings: Janrex, Capital Debit Credit P120,000.00 20,000.00 Jan. 1, 2020 May 1, 2020 July 1, 2020 Aug. 1, 2020 Oct. 1, 2020 10,000.00 5,000.00 1. If the profits are to be divided based on the average capital, the share of Janrex and John Benet, respectively are? John Benet, Capital Debit Credit 80,000.00 10,000.00 10,000.00 20,000.00 2. If 20% interest based on the capital at the end of the year is allowed and given and the balance of the P240,000.00 profit is divided equally, the total share of Janrex and John Benet, respectively are? In the year 2020, the partnership of Janrex and John Benet realized a net profit of P240,000.00. The capital accounts of the partners show the following postings: Janrex, Capital Debit Credit P120,000.00 20,000.00 Jan. 1, 2020 May 1, 2020 July 1, 2020 Aug. 1, 2020 Oct. 1, 2020 10,000.00 5,000.00 1. If the profits are to be divided based on the average capital, the share of Janrex and John Benet, respectively are? John Benet, Capital Debit Credit 80,000.00 10,000.00 10,000.00 20,000.00 2. If 20% interest based on the capital at the end of the year is allowed and given and the balance of the P240,000.00 profit is divided equally, the total share of Janrex and John Benet, respectively are?
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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