Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please answer all the questions immediately thankyou 23 At the end of the year 2020, ABC Partnership has a debit balance in the income summary
please answer all the questions immediately thankyou
23 At the end of the year 2020, ABC Partnership has a debit balance in the income summary account of P 450,000. The partners have agreed to a profit sharing agreement of 30:20: 50 for A, B and C partners, respectively. If the partner A has a beginning balance in his capital account of 200,000 and no other transactions during the year affected his capital account, how much is the balance of his capital as of December 31, 2020? To input answers, kindly follow the sample format below(no peso sign, with comma, no space): ex. 100,000 Failure to follow the format will invalidate your answer (1 Point) 0 Enter your answer 24 On January 1,2020, A and B formed a partnership. A contributed capital of P 275,000 and B of P 125,000. They agreed to share profits and losses 70% and 30%, respectively. B is a general manager and works in the partnership in full time. B is given a salary of P 6,000 a month. An interest of 10% of the starting capital is given also to both partners and a bonus to B of 10% of profit before the salary, interest and the bonus. a The condensed statement of comprehensive income of the partnership for the year ended December 31,2020 is as follows: Net sales P 1,175,000 Cost of Sales 750,000 Expenses (including salary, interest and bonus) 300.000 Total comprehensive income P 125,000 How much is the capital of B after distribution of profit for the year 2020? (1 Point) 263,33333 o 236.666.67 273.333.33 148,333,33 ENGStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started