Chapter 13- 7 and 8

Please provide solution and explanation for my guidance thank you so much :) It will help me a lot :)

13-30 | Basic Financial Accounting and Reporting by Prof. WIN Ballada NAME: Partnerships: Operations and Financial Reporting | 13-31 NAME: SCORE : SECTION: SECTION: PROFESSOR: SCORE : Problem #8 PROFESSOR: Problem #7 Distribution of Profits or Losses Based on Partners' Agreement Distribution of Profits or Losses Based on Partners' Agreement A summary of changes in the capital accounts of the Rialubin, Rabena and Dela Cruz Labasan, Gabayan, and Villanueva are manufacturers' representatives in the architecture partnership for 2019, before closing, follows: business. Their capital accounts were as follows: Labasan, Capital Dela Cruz Total Rialubin Rabena 9/1 80,000 1/1 300,000 Gabayan, Capital 3/1 90,000 Villanueva, Capital Balance, Jan. 1, 2019 P 80,000 P 80,000 P 90,000 P 250,000 5/1 60,000 1/1 400,000 8/1 120,000 1/1 500,000 20,000 20,000 7/1 50,000 Investment, Apr. 1 4/1 70,000 9/1 40,000 6/1 30,000 Withdrawal, May 1 (15,000) (15,000) Withdrawal, July 1 (10,000) (10,000) Required: Withdrawal, Sept. 1 (30,000) (30,000) P 90,000 P 65,000 P 60,000 P 215,000 For each of the following independent profit and loss agreement, prepare the profit distribution schedule: Required: 1. Salaries are P150,000 to Labasan, P200,000 to Gabayan, and P180,000 to Villanueva. Determine the allocation of the 2019 profit to the partners under each of the following Labasan receives a bonus of 5% of profit after bonus. Interest is 10% of ending independent assumptions: capital balances. Labasan, Gabayan, and Villanueva divide any remainder in a 3:3:4 1. Profit is P48,000 and profit is divided on the basis of average capital balances. ratio. Profit was P789,600. 2 . 2. Profit is P50,000. Rialubin receives a bonus of 10% of profit for managing the Interest is 10% of average capital balances. Salaries are P240,000 to Labasan, business, and the balance to be divided on the basis of beginning capital balances. P210,000 to Gabayan, and P250,000 to Villanueva. Gabayan receives a bonus of 10% of profit after bonus and salary. Any remainder is divided equally. Profit was Loss is P35,000, each partner is allowed 10% interest on beginning capital balances, P680,800. and the balance to be divided equally. 3. Villanueva receives a bonus of 20% of profit after bonus and salaries. Salaries are P210,000 to Labasan, P180,000 to Gabayan, and P150,000 to Villanueva. Interest is 10% of beginning capital balances. Labasan, Gabayan, and Villanueva divide any remainder in an 8:7:5 ratio. Profit was P929,400