1 A,B and C are partners in a firm. A and B sharing profits in the ratio of 5:3 and C receiving a salary 150 of 300 per month, plus a commission of 5% on the profits after charging such salary and commission, or 1/5th of the profits of the firm, whichever is larger. Any excess of the latter over the A former is, under the Partnership agreement, to be borne personally by B. The profit for the year 10,210 ended 31st March, 2018 amounted to 21,420 after charging C's Salary. Prepare Profit and Loss appropriation a/c.

4. A and B formed a partnership. The partnership agreement stipulates the following: Annual salary allowances of P10,000 for A and P40,000 for В. Bonus to A of 10% of the profit after partner's salaries but before bonus and interest. • Interest of 12% on the beginning capital balance of B. The partners share profits and losses on a 60:40 ratio. Juring the period the partnership earned profit of P200,000 before- eduction for salaries. B's beginning capital balance was P60,000. low much is the share of A in the profit? a. 101,680 b. 98,320 с. 110,820 d. 96,720

2. Use the following information for the next three cases: The partnership agreement of A, B and C stipulates the following: Partners A and C shall receive annual salaries of P12,000 and P8,000, respectively. DA bonus of 10% of profit after salaries but before deduction of bonus shall be given to Partner A, the managing partner. Each partner shall receive 10% interest on average capital investments. TAny remaining profit or loss shall be shared as follows: 40% to A and 30% each to B and C. The average capital investments of partners during the year are as follows: AP100,000 B 60,000 C 120,000 Case #1: The partnership earns profit of P100,000. Requirement: Compute for the respective shares of the partners on the partnership profit. Case #2: The partnership earns profit of P10,000. Requirement: Compute for the respective shares of the partners on the partnership profit. Case #3: The partnership incurs loss of P20,000. Requirement: Compute for the respective shares of the partners on the…

3. A and B formed a partnership. The partnership agreement stipulates the following: Annual salary allowances of P10,000 for A and P40,000 for В. Bonus to A of 10% of the profit after partner's salaries but before bonus. • The partners share profits and losses on a 60:40 ratio. During the period the partnership incurred a loss of P20,000 hefore deduction for salaries. By what amount did B's capital account change? a. Increased by P12,000 b. Decreased by P12,000 c. Increased by P32,000 d. Decreased by P32,000

The following are the partnership agreement between partners Baby Love & Honey Sweet for their partnership’s profit distribution:A. Each partners shall be entitled for an annual salary of P50,000 each.B. 15% Bonus of partnership profits after salaries to Honey Sweet being a managing partner.C. 20% interest is given to both partners based on average capital ratio.D. Residual profit and loss shall be distributed on the ratio 2:2The ledgers of their capital balances are shown below:  Baby Love  Debit:  July 1. P20,000 Credit: Jan 1. P80,000                Oct 1. P40,000 Honey Sweet Debit:  Oct 1. P10,000 Credit:  Jan 1. P120,000                May 1. 30,000 The partnership profit for the year is P150,000 before distribution to partners   Required: 1. Prepare a Schedule for Profit Distribution.2. Journal entry to record the distribution of profit to partners.

6. A, B and C formed a partnership. The partnership agreement stipulates the following: Annual salary allowances of P100,000 for A and P20,000 for B. 10% interest on the beginning capital balance of C. The partners share in profits and losses on a 40:40:20 ratio. The partnership earned profit of P500,000. C's capital account had a beginning balance of P300,000. The difference between the amounts received by A and B is a. 160,000. c. 80,000. d. 60,000. b. 240,000.

8. A and B formed a partnership. The partnership agreement The partnership earned profit of P360,000. How much is the • Monthly salary allowances of P10,000 for A and P4,000 for stipulates the following: B. The salaries are recognized as expenses. The partners share equally in profits and losses. share of A? a. 300,000 b. 228,000 c. 148,000 d. 128,000

A and B formed a partnership. The partnership agreement stipulates the following: • Annual salary allowances of P80,000 for A and P40,000 for B. • The partners share in profits and losses equally. The partnership earned profit of P100,000. How much is the share of B? 30,000 48,000 52,000 70,000

1. Partners MM and LL have profit and loss agreement with the following provisions: salaries of P30,000 and P45,000 for MM and LL, respectively; a bonus to MM of 10% net income after salaries and bonus; and interest of 10% on average capital balances of P20,000 and P35,000 for MM and LL, respectively. One-third of any remaining profits will be allocated to MM and the balance to LL. If the partnership had a net income of P104,500, how much should be allocated to MM, assuming the provisions of the profit and loss agreement are ranked by order of priority, starting with salaries?2. Renalie and Ben are partners who share profits and losses in the ratio of 6:4, respectively. On June 1, 20X2, their respective capital accounts were as follows:• Renalie - P60,000 • Ben - P50,000On the same date, Jeremiah was admitted as a partner with 1/5 interest in capital and profits for an investment of P40,000. What is the capital of Ben after Jeremiah’s admission if the partnership began with a total…

Q.1 S, K and P are in business in Partnership as Machinery Manufacturers. They share Profits as 4:3:3 after allowing for interest at 5% on the balances of their capital accounts at the beginning of each year and after charging Partners salaries at the rate of RO 8,000; RO 6,400; RO 5,600 per annum respectively. They employ a sales manager who is paid a salary of RO 4,800 per annum plus one percent commission on total sales. The following Balances was extracted on 31st December 2020. Capital Accounts S 23,200 13,600 12,800 6,440 300,000 13,600 K Cash at Bank Purchase of Raw Material Discount Dr. Rent and Insurance 9,240 Sundry Creditors Factory Expenses Office Expenses Sundry Debtors 25,200 38,000 2,400 12,800 6,400 600 Furniture Telephone Sales 520,000 23,600 96,000 Opening stock of Raw Material Carriage inwards Salaries (Including sales manager 14,400 salary) Repairs to Buildings Bad debts 800 Carriage Outwards Vehicle 3,200 3,600 5,200 Drawings 9,600 8,800 8,400 4,800 4,400 5,600…