Nathan owns the Kavanah Bakeshop. On January 2, 2022, Nathan invited his friend Dwayne to be...
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Nathan owns the Kavanah Bakeshop. On January 2, 2022, Nathan invited his friend Dwayne to be his business partner, who invested P250,000 for a 50% equity in the partnership. The two agreed to share profit or losses as follows: 1. 12% interest on average capital 2 Monthly salary of P12,000 and P10,000 to Nathan and Dwayne, respectively, 3. Bonus to Nathan of 10% after bonus and salary, and 4. Remaining profit or loss to be divided equally The partners agreed further to double their investments before the end of the year. Dwayne made an additional investment on July 1 to double his capital while Nathan gave his counterpart in two equal installments on March 1 and July 31. During 2022, Nathan and Dwayne withdrew 80% of their salary allowances At the end of 2022, the Income Summary account showed a credit balance of P924,000. In 2022, Dwayne's share in net income includes: Select the correct response(s) Salary of P120,000 Salary of P100,000 Interest on Capital of P45,000 Share in profit, after interest, bonus and salary, of P253,125 Bonus of P92,400 Salary of P144,000 Bonus of P66,000 Interest on Capital of P60,000 Share in Profit after interest, salary and bonus, P250,000 Interest on Capital of P48,750 Interest on Capital of P30,000. Bonus of P60,000 Mr. Chow Ms. King, Mr. Jolly and Ms. Bee formed a partnership on Jan 01, 2017 with original capital contributions of P300,000, P100,000, P200,000 and P400,000, respectively. On Jan. 01, 2019 capital accounts of Mr. Chow, Ms. King, Mr. Jolly and Ms. Bee showed the beginning balance for the year of P450,000, P300,000, P250,000 and P400,000, respectively On Sept 30 Mr. Chow and Ms. King invested P100,000 each. Ms. Bee withdrew her investment of P100,000 on Oct. 01 for personal reasons. The partnership suffered a net loss of P240,000 How much is the profit and loss ratio of Ms. King per ending capital of 2019. Select the correct response 36.67% 26.67% 20.00% 16.67% Nathan owns the Kavanah Bakeshop. On January 2, 2022, Nathan invited his friend Dwayne to be his business partner, who invested P250,000 for a 50% equity in the partnership. The two agreed to share profit or losses as follows: 1. 12% interest on average capital 2 Monthly salary of P12,000 and P10,000 to Nathan and Dwayne, respectively, 3. Bonus to Nathan of 10% after bonus and salary, and 4. Remaining profit or loss to be divided equally The partners agreed further to double their investments before the end of the year. Dwayne made an additional investment on July 1 to double his capital while Nathan gave his counterpart in two equal installments on March 1 and July 31. During 2022, Nathan and Dwayne withdrew 80% of their salary allowances At the end of 2022, the Income Summary account showed a credit balance of P924,000. In 2022, Dwayne's share in net income includes: Select the correct response(s) Salary of P120,000 Salary of P100,000 Interest on Capital of P45,000 Share in profit, after interest, bonus and salary, of P253,125 Bonus of P92,400 Salary of P144,000 Bonus of P66,000 Interest on Capital of P60,000 Share in Profit after interest, salary and bonus, P250,000 Interest on Capital of P48,750 Interest on Capital of P30,000. Bonus of P60,000 Mr. Chow Ms. King, Mr. Jolly and Ms. Bee formed a partnership on Jan 01, 2017 with original capital contributions of P300,000, P100,000, P200,000 and P400,000, respectively. On Jan. 01, 2019 capital accounts of Mr. Chow, Ms. King, Mr. Jolly and Ms. Bee showed the beginning balance for the year of P450,000, P300,000, P250,000 and P400,000, respectively On Sept 30 Mr. Chow and Ms. King invested P100,000 each. Ms. Bee withdrew her investment of P100,000 on Oct. 01 for personal reasons. The partnership suffered a net loss of P240,000 How much is the profit and loss ratio of Ms. King per ending capital of 2019. Select the correct response 36.67% 26.67% 20.00% 16.67%
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Dwayne made an additional investment on July 1 to double his capital while Nathan gave his counterpa... View the full answer
Related Book For
Federal Taxation 2020 Comprehensive
ISBN: 9780135196274
33rd Edition
Authors: Timothy J. Rupert, Kenneth E. Anderson, David S. Hulse
Posted Date:
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