Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Nathan owns the Kavanah Bakeshop On January 2, 2022, Nathan invited his friend Dwayne to be his business partner, who invested P250,000 for a 50%

image text in transcribedimage text in transcribed
image text in transcribed
image text in transcribed
Nathan owns the Kavanah Bakeshop On January 2, 2022, Nathan invited his friend Dwayne to be his business partner, who invested P250,000 for a 50% equity in the partnership The two agreed to 1. 12% interest on average capital 2 Monthly salary of P12.000 and P10,000 to Nathan and Dwayne, respectively, 3. Bonus to Nathan of 10% after bonus and salary, and profit or loss to equally The partners agreed further to double their investments before the end of the year. Dwayne made an additional investment on July 1 to double his capital whle Nathan gave his counterpart in two equal installments on March 1 and July 31 During 2022. Nathan and Dwayne withdrew 80% of their salary allowances At the end of 2022, the income Summary account showed a credit balance of P924,000 in 2022, Dwayne's share in net income includes Select the correct response(s) Salary of P120,000 Salary of P100,000 Interest on Capital of P45,000 Share in profit, after interest, bonus and salary of P253,125 Bonus of P92.400 Salary of P144,000 Bonus of P66,000 Interest on Capital of P60,000 Share in Profit after interest, salary and bonus, P250,000 Interest on Capital of P48,750 interest on Capital of P30,000 Bonus of P60,000 Mr. Chow. Ms. King Mt Jolly and Ms Bee formed a partnership on Jan 01, 2017 with original capital contrations of P300,000, P100,000 P200.000 ard PMOO.COD respective. On Jan 01.2019 capital accounts of Mr. Chow, Ms. King, Mr. Jolly and Ms. Be showed the beginning balance for the year of P450,000, P300,000, P250,000 and P400,000, respectively on Sept 30 Mr Chow and Ms King invested P100.000 each Me Bee withdrew her investment of P100,000 on Oct 01 for personal reason. The partnership suffered a netloss of P200,000 How much is the profit and loss ratio of Ms King per ending capital of 2019 Select the correct response 36.67% 26.67% 20.00% 16.67%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Survey Of Accounting

Authors: Carl S. Warren, Amanda Farmer

9th Edition

0357132599, 978-0357132593

More Books

Students also viewed these Accounting questions

Question

What would you recommend Mary Lynn do?

Answered: 1 week ago