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On January 2,2010, E and P formed a partnership. B contributed capital of P 1?5.000 and P . P 25,000. They agreed to share profits

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On January 2,2010, E and P formed a partnership. B contributed capital of P 1?5.000 and P . P 25,000. They agreed to share profits and losses 80% and 20%, respectively. P is a general manager and works in the partnership in full time. P is given a salary of P 5,000 a month. An interest of 5% of the starting capital is given also to both partners and a bonus to P of 15% of net prot before the salary, interest and the bonus. The condensed statement of comprehensive income of the partnership for the year ended December 31,2010I is as follows: Net sales P 833,000 Cost of Sales T00,000 Gross Prot on Sales P 1?5,000 Expenses [ including salary, interest and bonus] 143,000 Total comprehensive income P 32,000 In its first year of operations, Alba & Company , a partnership, has a credit balance in its income summary account of P 20,000 before providing for salaries of P 5,000 and P 3,000 per annum for Alba and Bana, respectively, as stipulated in the partnership agreement. Capital contributions are as follows: Alba - 30,000 Bana - 20,000 Cada - 10,000On January 1, 2019, David and Enrile decided to form a partnership. At the end of the year, the partnership had a credit balance in its income summary account of P 120,000. The capital accounts of the partnership show the following transactions below. David Balance, January 1 P 300,000 Additional Investment , July 16 80,000 Withdrawal, September 15 ( 30,000) Enrile Balance, January 1 P 250,000 Additional Investment , May 8 100,000 Withdrawal, October 15 ( 75,000)On January 1, 2019, Zeep and Beep have capital balances of P 20,000 and P 16,000 respectively. On July 1,2019, Zeep invests an additional P 4,000 and Beep withdraws P 1,600. Profits and losses are divided as follows: Beep is a managing partner and as such shall receive P 16,000 salary and Zeep shall receive P 7,200; both partners shall receive interest of 10% on their beginning capital balances to offset whatever difference in capital investments they have and any remainder shall be divided equally. Income of the Zeep-Beep Partnership for the year 2019 is P 9,600

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