Hello! I hope everyone is doing great today. I'm having a hard time now in my online classes especially in my Accounting subject maybe someone can help me to answer and I am glad to give a high rate for that. It's really hard to study and answer in online class but I'm still trying my best even if I'm not smarty person. Thank you for helping me and God bless your Family. Good deeds will pay back. Thank you!

Part 2.

a. Rivera, who owned an ice cream parlor, invested merchandise costing P125,000 with fair market value of P115,000 on the date of formation.The company will also assumed the obligation of Rivera to his creditors valued at P34,500.

b. Ortega invested furnitures costing P450,000 with accumulated depreciation of P120,000.The partners agreed to accept them at 60% of acquisition cost.

c. Toralba, a chef and expert in Italian cuisine will invest cash equal to 1/5 of the total capital.

a.

b.

c.

Part3.

On July 1, 2019, Andero and Overo invested P250,000 and P150,000, respectively, to establish a consultancy firm.They agreed to divide profits and losses based on capital investment. How much will be the share on income of each partner?

Part4.

On July 1, 2015, Tita and Chica invested P250,000 and P150,000, respectively, to establish a consultancy firm.They agreed to divide profits and losses by allowing a 12% interest on orginal capital, salary allowance of P3,000 per month to Chica; and, any remainder to be shared in 3:2 ratio.For the six-month period ended Dec. 31, 2019, the company made a net income after tax of P96,000.How much will be the share of each partner in 2019 net income ?

Part5.

W, B and C are partners with capital balances at year-end of P90,000; P110,000; and P50,000, respectively.They share profits and losses on a 4:4:2 ratio, after providing a 15% bonus to partner C, as managing partner and a 10% interest on average capital.

Partner W invested P20,000 on April 30.Partner B made a permanent drawing of P15,000 on August 1. Partner C made P25,000 drawings in anticipation of profits on Sept. 30.

Operating income of P95,600 before the 30% income tax were realized during the year.

Questions in part 5:

1.How much is the average capital of each partner?

2.How much will be the share of each partner in the net income for the year?

3.What entry should be made to record the profit distribution?