BASED ON THE GIVEN ANSWER, PROVIDE THE SOLUTION

6. A and B formed a partnership on January 2, 2022 by contributing capital of P262,500 and P37,500. They agreed to share profits and losses, 70% and 30%, respectively. B manages the partnership and is given a salary of P5,000 a month and bonus of 20% of net income before salary, interest and bonus. Interest of 5% of the beginning capital is to be given to each partner and any remainder is to be divided according to their profit and loss ratio. For the year ended December 31, 2022, the partnership generated a net income of P48,000 after salaries, interest and the bonus. Compute for the amount that each partner should receive in the distribution of profit. Ans: A - 46,725; B - 107,02516. JFK partnership engaged in steel manufacturing business had the following condensed financial position prior to liquidation: +++ Assets Liabilities and capital Cash 120,000 Liabilities 350,000 Noncash assets 1,800,000 Loan payable to J 150,000 J, Capital 450,000 F, Capital 700,000 K, Capital 270,000 Total 1,920,000 Total 1,920,000 Assuming assets with a book value of P700,000 were sold for P500,000 and that all available cash was distributed. For what amount would the remaining assets have to be sold in order for Partner F to receive a total of P790,000 cash after liquidation? Ans. 1,600,00029. The following data were taken from the statement of realization and liquidation of XYZ Corp. for the quarter ended Sept. 30, 2020: Assets to be realized P103,125 Liabilities not liquidated 140,625 Supplementaryr credits 159,3?5 Liabilities to be liquidated 168,?50 Supplementanlr charges 146,250 Liabilities liquidated 112,500 Assets acquired 112,500 Assets realized 131,250 Liabilities assumed 55,250 Assets not realized 46,8?5 The ending capital balances of capital stock and retained earnings are P93,?50 and P3?,500, respectively. What is the net income {loss} for the period? How much is the ending balance of cash? Ans: Loss {52,500}; Cash 225,000