Question: please answer this one Operations Problem. 1. Tela and Karina, are partners in fishing business, who share profits and losses in the ratio of 60%

please answer this one

please answer this one Operations Problem. 1. Tela and Karina, are partners

Operations Problem. 1. Tela and Karina, are partners in fishing business, who share profits and losses in the ratio of 60% and 40% respectively. Tela's salary is 60,000 while 30,000 for karina. The partners are also paid interest on their average capital balances. In 2014, Tela received 30,000 of interest and karina received 12,000. The profit and loss allocation is determined after deductions for the salary and interest payments. If Karina's share in the residual income (income after deducting salaries and interest) was 60,000 in 2014, what was the partnership's net income? Show your solution and answer. Dissolution problem. 1. Admission by investment. Doy, eloy, and Foy are partners in Bugoy Trading. Prior to the admission of Goy, the original partners were sharing profit and loss in the ratio 20%,30%, and 50% respectively. Their capital balance were: Capital Ratio DOY 60,000 20% ELOY 80,000 30% FOY 100,000 50% TOTAL 240,000 100% From the above information, record the journal entries to admit Goy, under the following independent cases: a. Goy contributes 60,000 for 1/5 interest in the partnership. b. Goy contributes 50,000 for 1/5 interest in the partnership

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!