6 Questions
What is the weighted-average capital for IGGY and SWAGGY ni 2017?
P 221,333 and P 239,167
If the average capital for IGGY and SWAGGY from the above information is P 224,000 and P 238,000 respectively, what wil be the total amount of profit allocated to salary and interest ~distributions?
P 146,200
I the average capital balances for IGGY and SWAGGY are P 200,000 and P 240,000, what wil be the total partnership profit allocations be for IGGY and SWAGGY ni 2017?
P 108,000 and P 132,000
In apartnership, which of the following statements si true regarding the allocation of profits and losses among partners?
Profits and losses can be allocated ni any manner agreed upon by the partners
Anew partner is admitted in an existing partnership through investment. fI the total contributed capital of all partners is higher than the total agreed capitalization of w:on partnership while the agreed capitalization of new partner is lower than his contribted capital, which of the following is correct?
Impairment loss shall be shared only by old partners with bonus coming from new partner.
When a partner withdraws more money from the partnership than their share of profits, what is the result?
A decrease in that partner's capital account
Determine the profit and loss sharing ratio of IGGY and SWAGGY, two partners with different salary allowances and interest rates. Calculate the average capital balances and partners' drawings. Apply partnership accounting principles to solve the problem.
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