Question
WILL UPVOTE!! PLEASE ANSWER THE FOLLOWING ASAP! 1. Partners X, Y, and Z formed a partnership on June 1, 2021. X is an industrial partner
WILL UPVOTE!! PLEASE ANSWER THE FOLLOWING ASAP!
1. Partners X, Y, and Z formed a partnership on June 1, 2021. X is an industrial partner while Y and Z are capitalist partners with cash contributions of P 80,000 and P120,000, respectively. They share profits in the ratio of 2:5:3 to X, Y, and Z, respectively. If operations for 2021 resulted to a loss of P 140,000, how much is the share of Z? No need to place a parenthesis for your answer.
2. On January 1, 2021, Partners X and Y have capital balances of P 50,000 and P 100,000. Partner X made monthly withdrawals of P 1,000 while Y made monthly withdrawals of P 1,500. Partners profit and loss agreement were as follows: 1.)Annual salaries of P60,000 for X and P 40,000 for Y; 2.) 10% interest on beginning capital; 3.)Remainder are shared equally. If the partnership capital at the end of the year is P225,000, the partnership operations for the year resulted to ____________. Place a parenthesis ( ) if your answer is net loss.
a. Capital balance of X at the end of the year is
b. Capital balance of Y at the end of the year is:
3. Y, a partner in the XYZ Partnership, has a 30% participation in partnership profits and losses. Y's capital account had a net decrease of P 120,000 during the calendar year 2021. During 2021, Y withdrew P 260,000 (charged against his capital account) and contributed property valued at P 50,000 to the partnership. What was the profit of XYZ Partnership?
a. How much is the profit share of Y?
Step by Step Solution
3.40 Rating (159 Votes )
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