1. Martin and Isidore form a partnership with investments of P 1,000,000 and P 500,000 respectively....

  

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1. Martin and Isidore form a partnership with investments of P 1,000,000 and P 500,000 respectively. Compute their share in the net income of P210,000 for six months of the partnership's operation under the following agreement: a. 10% interest is allowed on partners' original investments. b. Allowance of annual salary of P120,000 to Martin and P144,000 to Isidore. c. Balance 2:1 respectively. 2. With the same information in number 1, assuming the partnership incurred a loss of P72,000 for the year instead of a net income of P210,000 for six months. Distribution of Net Income Martin Isidore Total Journal Entry Debit Credit Dec-31 1. Martin and Isidore form a partnership with investments of P 1,000,000 and P 500,000 respectively. Compute their share in the net income of P210,000 for six months of the partnership's operation under the following agreement: a. 10% interest is allowed on partners' original investments. b. Allowance of annual salary of P120,000 to Martin and P144,000 to Isidore. c. Balance 2:1 respectively. 2. With the same information in number 1, assuming the partnership incurred a loss of P72,000 for the year instead of a net income of P210,000 for six months. Distribution of Net Income Martin Isidore Total Journal Entry Debit Credit Dec-31 1. Martin and Isidore form a partnership with investments of P 1,000,000 and P 500,000 respectively. Compute their share in the net income of P210,000 for six months of the partnership's operation under the following agreement: a. 10% interest is allowed on partners' original investments. b. Allowance of annual salary of P120,000 to Martin and P144,000 to Isidore. c. Balance 2:1 respectively. 2. With the same information in number 1, assuming the partnership incurred a loss of P72,000 for the year instead of a net income of P210,000 for six months. Distribution of Net Income Martin Isidore Total Journal Entry Debit Credit Dec-31 1. Martin and Isidore form a partnership with investments of P 1,000,000 and P 500,000 respectively. Compute their share in the net income of P210,000 for six months of the partnership's operation under the following agreement: a. 10% interest is allowed on partners' original investments. b. Allowance of annual salary of P120,000 to Martin and P144,000 to Isidore. c. Balance 2:1 respectively. 2. With the same information in number 1, assuming the partnership incurred a loss of P72,000 for the year instead of a net income of P210,000 for six months. Distribution of Net Income Martin Isidore Total Journal Entry Debit Credit Dec-31

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1 Particulars Martin Isidore Total Opening Capital 1000000 500000 1500000 10 Interest for ... View the full answer