Cheveem Grace C.

Emnace C08

Problem 1: Tank Partnership Answer: P105,900

Johnson
Capital Balance 1/2/15 P80,000
Net Loss 2015:
Annual Salary 96,000
10% interest on beg. Capital 8,000
Balance beg. capital ratio: 8:4 (108,000)
Total (4,000)
Capital Balance 76,000
Drawings (4,000)
Capital Bal. 12/31/15 72,000
Net Profit 2016
Annual Salary 96,000
10% interest on Beg. Capital 7,200
Bonus to Johnson - Net Profit before bonus (P22,000)
NPAB (P22,000/110%)(20,000) 2,000
Balance equally (67,300)
Total 37,900
Total 109,000
Drawings (4,000)
Capital Balance 12/31/16 P105900

Problem 2: Jamill Partnership Answer: P125,000

Jayzam's Capital Account

Debit
Drawings 80,000

Ending Balance 150,000

230,000

Jayzam's Share in Profit

Divided by: Jayzam's Share in %
Partnership Profit for 2016
Problem 3 : Nana,Diggie,Harley Answers: Nana: P398,125 ; Diggie: P489,150 ; Harley: P87,725
Nana
Capital Balance 1/1/16 P280,000
Additional Investment 96,000
Withdrawals
Capital Balance before P/L distribution 376,000
NP: Salary (16,500 x 12)
Interest (15%) 42,000
Balance (25:30:45) (19,875)
Total 22,125
Capital Balance 12/31/16 P398,125

Problem 4: Ohmyv33nus and Wise Answers: Ohmyv33nus: P124,000 ; Wise: P76,000

Ohmyv33nus
Salary Allowance P96,000
Bonus 4,000
Balance to be divided in ratio 60:40
(200,000 - 156,000 - 4,000 = 40,000)
Ohmyv33nus = 40,000 x 60% 24,000
Wise = 40,000 x 40%
Share of Partners in Profits P124,000

Problem 5: Jennie,Lisa,Rose and Jisoo

Answers:
I.
Jennie 3,450
Lisa (7,050)
Rose (19,550)
Jisoo (16,850)

II.
Jennie 20,740
Lisa 12,560
Rose 2,000
Jisoo 4,700

Solutions:
I.
Jennie
Salaries 20,000
 Interest 5,000
Remaining (21,550)
Total Share in net loss 3,450

II Jennie
Interest 5,000
Bonus (40,000/105%) 1,143
Salary 14,596.83
Total Share in Net Income 20,740

Net Income 105%

Bonus 5%
Net Income after Bonus 100%
 Khufra Total
P40,000 P120,000

48,000 144,000
4,000 12,000
(54,000) (162,000)
(2,000) (6,000)
38,000 114,000
(4,000) (8,000)
34,000 106,000

48,000 144,000
3,400 10,600

2,000
(67,300) (134,600)
(15,900) 22,000
18,100 128,000
(4,000) (8,000)
P14100 P120000

tal Account

Credit
Beg. Balance 120,000
Land 60,000
Profit Share (230,000 -120,000 - 60,000 50,000

230,000

50,000
40%
P125,000
; Harley: P87,725
Diggie Harley Total
P300,000 P170,000 P750,000
60,000 156,000
(90,000) (72,000) (162,000)
270,000 98,000 744,000
198,000 198,000
45,000 25,500 112,500
(23,850) (35,775) (79,500)
219,150 (10,275) 231,000
P489,150 P87,725 P975,000

Wise Total
P60,000 P156,000
4,000

16,000 40,000
P76,000 P200,000

Lisa Rose Jisoo Total

10,000 30,000
 4,500 2,000 4,700 16,200
(21,550) (21,550) (21,550) (86,200)
(7,050) (19,550) (16,850) (40,000)

Lisa Rose Jisoo Total

4,500 2,000 4,700 16,200.00
762 1,904,76
7,298.41 21,895.24
12,560 20,000 4,700 40,000

Bonus:
Net Income before Bonus 40,000
Divide: Percentage 105%
Net Income After Bonus 38,095.24
Bonus of Jennie (38,095.24*3%) 1,143
Bonus of Lisa (38,095.24 *2%) 762