PROBLEM 2 (REVISED) The partnership agreement of BADIE, CONNIEand NATIE in BACONA CO.,...
50.1K
Verified Solution
Link Copied!
Question
Accounting
PROBLEM 2 (REVISED)
The partnership agreement of BADIE, CONNIEand NATIE in BACONA CO., a partnership engaged in vaccination services provides for the year-end allocation of net income in the following order:
* First, BADIE is to receive 10% of net income up to P200,000 and 20% over P200,000.
* Second, CONNIE and NATIE each are to receive 5% of the remaining income over P300,000.
* The balance of income is to be allocated equally among the three partners.
During the year, the partners made a total withdrawal of P30,000, P20,000, and P10,000 respectively.
The partnerships 2021 income statement shows a total revenue of P1,200,000 and total operating expenses of P700,000 before any allocations to partners.
Required:
1. Prepare a division of profit and loss in good form for BACONA CO. 2. Give the journal entries to close all the nominal and temporary accounts.
PROBLEM 2 (REVISED)
The partnership agreement of BADIE, CONNIEand NATIE in BACONA CO., a partnership engaged in vaccination services provides for the year-end allocation of net income in the following order:
* First, BADIE is to receive 10% of net income up to P200,000 and 20% over P200,000.
* Second, CONNIE and NATIE each are to receive 5% of the remaining income over P300,000.
* The balance of income is to be allocated equally among the three partners.
During the year, the partners made a total withdrawal of P30,000, P20,000, and P10,000 respectively.
The partnerships 2021 income statement shows a total revenue of P1,200,000 and total operating expenses of P700,000 before any allocations to partners.
Required:
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.