Question: i have a hard time answer 9-15, kindly provide simple step by step explanation. thank you. also double check if my answers are correct. During
i have a hard time answer 9-15, kindly provide simple step by step explanation. thank you. also double check if my answers are correct.
During the year 2020, Bulagaan Partnership's income statement showed net income amounting to P420,000, net of applicable income tax of 30%. The original capital of the partners Tito, Vic and Joy when they established the partnership were P300,000, P400,000 and P300,000, respectively. During the year, the partners' capital accounts showed the following transactions: Tito Vic Joey Jan 1 P 500,000 P300,000 P200,000 April 30 50,000 July 1 100,000 100,000 sep 50,000 50,00 Sep 30 (250,000) Oct 31 150.000 Dec 1 (150,090) Dec31 420k 420k 420k Journalize the distribution of the company's net income based on the following independent assumptions (Round off to nearest peso): 1. Equally Income statement 420,000 Tito drawing 140,000 Vic drawing 140,000 Joey drawing 140,000 2. Tito - 50%; Vic - 30%; Joey - 20% Income statement 420,000 Tito drawing 210,000 Vic drawing 126,000 Joey drawing 84,000 3. Tito, Vic and Joey at 3:5:2, respectively Income statement 420,000 Tito drawing 126,000 Vic drawing 210,000 Joey drawing 84,000 4. Tito - W ; Vic - 2/5; Joey - 5/8 Income statement 420,000 Tito drawing 52,500 Vic drawing 105,000 Joey drawing 262,500 5. Original capital Income statement 420,000 Tito drawing 126,000 Vic drawing 168,000 Joey drawing 126,000 L 6. Beginning capital Income statement 420,000 Tito drawing 210,000 Vic drawing 126,000 Joey drawing 84,000 7. Ending capital Income statement 420,000 Tito drawing 147,000 Vic drawing 189,000 Joey drawing 84,000 8. Average capital Income statement 420,000 Tito drawing 204,616.058. Average capital Income statement 420,000 Tito drawing 204,616.05 Vic drawing 106,470.17 Joey drawing 108,913.75 Tito Vic Joey Total 488,461.54 254,166.67 260 1,002,628.21 9. Interest on average capital, 12% per annum; balance, based on ending capital Tito Vic Joey Total 10. Salaries of P10,000 per month to Tito; balance, based on average capital Tito Vic Joey Total 11. Interest on average capital, 12% per annum; annual salaries of P120,000 to Tito; balance, based on average capital Tito Vic Joey Total 12. Bonus of 10% before income tax to Tito; balance, based on average capital Tito Vic Joey Total 48,846.15 2 13. Bonus of 10% before income tax but after bonus to Tito; salaries of P10,000 per month to Tito; 6% annual interest on beginning capital; balance, based on ending capital Tito Vic Joey Total 14. Bonus of 10% after bonus and income tax to Tito; salaries of P5,000 per month to Tito; 6% annual interest on average capital; balanced, based on average capital. Tito Vic Joey Total 15. Bonus of 10% to Tito; salaries of P10,000 per month to Tito; 10% annual interest on ending capital; balanced, based on beginning capital. Joey's minimum share is one- fourth of the net income. Tito Vic Joey Total