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please answer all the questions immediately thankyou 16. On January 2,2019, B and P formed a partnership. B contributed capital of P 175,000 and P,
please answer all the questions immediately thankyou
16. On January 2,2019, B and P formed a partnership. B contributed capital of P 175,000 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 profit before the salary, interest and the bonus. The condensed statement of comprehensive income of the partnership for the year ended December 31,2019 is as follows: Net sales Cost of Sales Gross Profit on Sales Expenses (including salary, interest and bonus) Total comprehensive income P 875,000 700.000 P 175,000 143,000 P 32,000 How much is the share of B in the profit or loss for the year 2019? Format of answer: if profit - positive amount ex. 10,000 if loss- negative amount ex. (10,000) DR (2 points) 17. 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 - 10,000 Assuming no profit and loss ratios are provided in the partnership agreement and there has been no change in the capital contributions during the year, how much is the capital balance of Cada after distribution of profit or loss for the period? In (2 Points) Enter yourStep by Step Solution
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