PROBLEM SOLVING: 1 On January 1, 2021, Angel, Bea and Colleen formed a partnership with original capital contribution ratio of 4:5:1 for total agreed capitalization of P5,000,000. The profit and loss ratio agreement provides that profits shall be distributed in the ratio of 3:2:5 while losses shall be distributed in the ratio of 6:1:3 During 2021, the partnership reported net income of P 2,000,000 with Angel and Bea withdrawing P 500,000 and P 300,000 respectively. During 2022, the partnership reported net loss of P1,000,000 with Bea and Colleen withdrawing P 200,000 and P 400,000 respectively. What is the capital balance of Bea on December 31, 2022? P 2,600,000 b. P 2,300,000 P 2,500,000 d. P2,400,000
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- Stop , Look and Listen formed a partnership on January 1, 2019 with capital contributions of P300,000 P500,000 , and P200,000 respectively . For the year ended December 31, 2019, the partnership reported profit of P450,000 Provide an accurate profit distribution if each partner is allotted an interest of 7% on initial capital contributions and the remainder is divided using the ratio 4/3 / 1net loss of P60,000? INSTRUCTION: Compute the profit and loss that Kate and Ally shared. and Ally in the ratio of 4:6, respectively. Income for 2018 is P60,000 while loss for 2019 is P40,000. The partnership of Scott, Ross, and Kelly was formed on January 2, 2017 with an initial total capital of P120,000, from equal contribution by the partners. The partnership agreement provides 10% interest on the beginning capital balances, salary allowance for Scott, P6,000; and the remainder, divided equally. Required: 2019. Show the computations of income distribution. Determine the capital balances of Scott, Ross, and Kelly on December 31.A, B and C are in Partnership sharing profits and losses in the ratio of 2:1:1. During the year ending 31st Dec 2019, the business made a profit of RO 64,000 before providing Interest on capital : A 2,000, B 1500, C 1000 Interest on drawings: A 200, B 150, C 100 Salary to Partners A 500 B 700 C 600 Commission to Partners A 200 B 300 C 400 Prepare a profit and loss appropriation account to show the distribution of profit among the partners.