Problem #5
rules for the distribution of profits or losses


in january 2019,...
Math, 28.10.2019 14:45 RoseTheShadowHunter
Problem #5
rules for the distribution of profits or losses


in january 2019, nick marasigan and dems asacta agreed to produce and sell
candies. marasigan contributed p2,400,000 in cash to the business. asacta contributed
the building and equipment, valued at p2,200,000 and p1,400,000, respectively. the
partnership had profits of p840,000 during 2019 but was less successful during 2020
when profit was only p400,000.
required:
1. prepare the journal entry to record the investment of both partners in the
partnership.
2. determine the share of profit for each partner in 2019 and 2020 under each of the
following conditions:
a. the partners agreed to share profit equally.
b. the partners failed to agree on a profitsharing arrangement.
c. the partners agreed to share profit according to the ratio of their original
investments.
d. the partners agreed to share profits by allowing interest of 10% on their original
investments and dividing the remainder equally.
e. the partners agreed to share profits by allowing salaries of p400,000 for
marasigan and p280,000 for asacta, and dividing the remainder equally.
f. the partners agreed to share profits by paying salaries of p400,000 to marasigan
and p280,000 to asacta, allowing interest of 9% on their original investments,
and dividing the remainder equally.â€‹
Answers: 1
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