Solve the following

Chapter 1 - Accounting for Partnership Formation & Operation Cha PROBLEM 1 - 10 On December 1, of the current year, James invited Lakers to join him in business, Lakers agreed provided that James will adjust the accumulated depreciation of his equipment account to certain amount, and will recognize additional accrued expenses of P10,000. After that, Lakers is to invest additional pieces of equipment to make his interest equal to 45%. The capital balance of James before and after adjustment were P139,000 and P121,000, respectively. What is the effect in the carrying value of equipment as a result of admission of Lakers? PROBLEM 1 - 11 On February 1, 2019, Flores, Gilroy, and Hansen began a partnership in which Flores and Hansen contributed cash of P25,000; Gilroy contribute property with a fair value of P50,000 and a tax basis P40,000, Gilroy receives a 5% bonus of partnership income. Flores and Hansen receive salaries of P10,000 each. The partnership agreement of Flores, Gilroy, and Hansen provides all partners to receive a 5% interest on capital and that profits and losses be divided of the remaining income be distributed to Flores, Gilroy, and Hansen by a 1:3:1 ratio. Required: 1. Prepare a schedule to distribute P50,000 partnership net income to the partners. 2. Prepare a schedule to distribute P20,000 partnership net loss to the partners. PROBLEM 1 - 12 Evans, Fitch, and Gault operate a partnership with a complex profit and loss sharing agreement. The average capital balance for each partner on December 31, 2019 is P300,000 for Evans, P250,000 for Fitch, and P325,000 for Gault. An 8% interest allocation is provided to each partner. Evans and Fitch receive salary allocations of P10,000 and P15,000, respectively. If partnership net income is above P25,000, after the salary allocations are considered (but before the interest allocations are considered), Gault will receive a bonus of 10% of the original amount of net income. All residual income is allocated in the ratios of 2:3:5 to Evans, Fitch, and Gault, respectively. Required: 1. Prepare a schedule to allocate income to the partners assuming that partnership net income is P250,000. 2. Prepare a journal entry to distribute the partnership's income to the partners (assume that an Income Summary account is used by the partnership). 3. Prepare a schedule to allocate income or loss to the partners assuming that the partnership incurs a net loss of P36,000.Chapter 1 - Accounting for Partnership Formation & O 4. Prepare a journal entry to distribute the partnership's loss to the partners (assume that an Income Summary account is used by the partnership). PROBLEM 1 - 13 The partnership of X, Y and Z provides for the division of net income as follows: Y, who manages the partnership is to receive a salary of P16,500 monthly Each partner is to be allowed interest at 15% on ending capital Balance - 25:30:45 to X, Y and Z respectively During 2019, X invested an additional P96,00 in the partnership. Y made an additional investment of P60,000 and withdrew P90,000. Z withdrew P72,000. No other investments or withdrawals were made during 2019. On January 1, 2019, the capital balances were X - P280,00; Y - P300,000 and Z - P170,000. Total capital at year-end was P975,000. Required: 1. Allocate the net income (loss) to the partners. 2. Prepare the Statement of Changes in Capital.kangal PROBLEM 1 - 14 Greg, Harris, and Ivan have a retail partnership business selling personal computers. The partners are allowed an interest allocation of 8% on their average capital. Capital account balances on the first day of each month are used in determining weighted average capital, regardless of additional partner investment or withdrawal transactions during any given month. Drawings are disregarded in computing average capital, but temporary withdrawals of capital that are debited to the capital account are used in the average calculation. Partner capital activity for the year was: Capital accounts Greg Harris Ivan Jan 1 - balance 200,000 P 300,000 250,000 Feb 2- investment 50,000 Mar 6- investment 10,000 20,000 Apr 20 - withdrawal ( 10,000 Jul 3 - withdrawal and investment 7,000 ) 10,000 Sep 29 - investment 5,000 4,000 Nov 5 - investment 5,000 5,000 Required: Calculate weighted average capital for each partner, and determine the amount of interest that each partner will be allocated