Mr. Chow, Ms. King, Mr. Jolly and Ms. Bee formed a partnership on Jan. 01, 2017 with original capital contributions of P300,000, P100,000, P200,000 and P400,000, respectively. On Jan 01, 2019, capital accounts of Mr. Chow, Mw King, Mr. Jolly and Ms. Bee 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. Ms. Bee withdrew her investment of P100,000 on Oct. 01 for personal reasons. The partnership suffered a net loss of P240,000 How much is the share of Mr. Jolly on the loss for 2019 if there is no agreement on the distribution of profit and loss
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
Mr. Chow, Ms. King, Mr. Jolly and Ms. Bee formed a
How much is the share of Mr. Jolly on the loss for 2019 if there is no agreement on the distribution of
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