X and Y are partners and have beginning capital balances of P 360,000 and P 600,000, respectively. Partnership profits and losses are allocated as follows: salaries of P 160,000 and P 200,000 to X and Y, respectively; 10% interest on their beginning capital balances, any remaining profit is divided equally. Partnership profit of P 600,000 is allocated as follows: a. X – P 300,000; Y – P 300,000 b. X – P 280,000; Y – P 320,000 c. X – P 268,000; Y – P 332,000 d. X – P 192,000; Y – P 408,000

X and Y are partners and have beginning capital balances of P 360,000 and P 600,000, respectively. Partnership profits and losses are allocated as follows: salaries of P 160,000 and P 200,000 to X and Y, respectively; 10% interest on their beginning capital balances, any remaining profit is divided equally. Partnership profit of P 600,000 is allocated as follows: a. X – P 300,000; Y – P 300,000 b. X – P 280,000; Y – P 320,000 c. X – P 268,000; Y – P 332,000 d. X – P 192,000; Y – P 408,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...

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X and Y are partners and have beginning capital balances of P 360,000 and P 600,000 respectively. Partnership profits and losses are allocated as follows salaries of P 160,000 and P 200,000 to X and Y, respectively, 10% interest on their beginning capital balances, any remaining profit is divided equally Partnership profit of P 600,000 is allocated as follows: A. X =P 300,000,V-P 300,000 B. X =P.280,000,Y-P320,000 C. X =P 2600. V - P * 332000 D. X = P * 192000Y = P * 40B, 0
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