NAME: SECTION: SCORE: PROFESSOR: Problem #2 Formation and Operations of a Partnership Dondoyano and Dellosa enter P125,000 and P75,000, respectively. nd Dellosa entered into a partnership on Mar. 1, 2010 by investing 175,000, respectively. They agreed that Dondoyano, as managing receive a salary of P30,000 per year and a bonus computed at 10% of the " after salaries; the balance of the profit is to be distributed in the ratio of their mal capital contributions. On Dec. 1. 2010, the account balances were as follows: P 70,000 67,000 Cash Accounts Receivable Furniture and Fixtures Sales Returns Purchases Operating Expenses Accounts Payable Sales Dondoyano, Capital Dellosa, Capital Dondoyano, Drawing Dellosa, Drawing 45,000 5,000 196,000 60,000 60,000 233,000 125,000 75,000 20,000 30,000 Inventories on Dec 31, 2010 were as follows: supplies, P2,500; merchandise, P73,000, Prepaid insurance was P950 while accrued expenses were P1,550. Depreciation rate was 20% per year. Required: 1. Prepare the statement of comprehensive income and distribute the profit. 2. Compute for the partners' ending capital balances