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KC Cruz and JD Suarez are partners of Cebu Vintage Car. The income and expense summary
account before final closing shows a credit balance of P500, 000 at the end of the fiscal year. The
following were taken from their respective capital account ledgers: (Please see the assumptions
below)
KC Cruz
Jan. 1 Balance 750, 000
Oct. 1 Withdrawal 70, 000
Dec. 1 Investment 50, 000
JD Suarez
Jan. 1 Balance 700, 000
March 1 Investment 80, 000
Nov. 1 Withdrawal 10, 000
Dec. 1 Investment 40, 000
Required: (Please see the assumptions below)
Show how profit is distributed to partners and journal entry to close the income and expense
summary account under the following assumptions:
a. Annual salaries of P45, 000 and P30, 000 given to Cruz and Suarez; 10% interest based on
beginning capital balance of each partner: Bonus to Suarez of 20% of profit after bonus and after
salaries and remainder to be divided equally.
b. 15% interest is allowed to partners based on the average capital balance; annual salaries to
each partner, P50, 000 and P20, 000 respectively; Bonus to Suarez of 20% of profit after bonus,
and balance for distribution is to be divided based on beginning capital balance.
c. Annual salaries of P45, 000 and P30, 000; 8% interest based on ending capital balance of each
partner: Bonus to Suarez of 20% of profit before bonus, after salaries, after interest and
remainders to be divided based on arbitrary ratio of 3:2.
d. Annual salaries of P120, 000 and P100, 000 respectively; Bonus to Suarez of 25% of profit
before bonus , before salaries to both ; remainder is divided based on average capital ratio.
following were taken trom their respective capital account ledgers: (Please see the assumptions
below) KC Cruz Jan. 1 Balance 750, 000 Oct. 1 Withdrawal 70,000 Dec. 1 lnvestment 50,000 JD
Suarez Jan. 1 Balance 700, 000 March 1 lnvestment 80,000 Nov. 1 Withdrawal 10, 000 Dec. 1
lnvestment 40,000 Required: (Please see the assumptions below) Show how profit is distributed
to partners and journal entry to close the income and expense summary account under the
following assumptions: a. Annual salaries of P45,000 and P30,000 given to Cruz and Suarez;
10% interest based on beginning capital balance of each partner: Bonus to suarez of 20% of
profit after bonus and after salaries and remainder to be divided equally. b. 15% interest is
allowed to partners based on the average capital balance; annual salaries to each partner, P50,
000 and P20, 000 respectively; Bonus to suarez of 20% of profit after bonus, and balance for
distribution is to be divided based on beginning capital balance. c. Annual salaries of P45, 000
and P30, 000; 8% interest based on ending capital balance of each partner: Bonus to Suarez of
20% of profit before bonus, after salaries, after interest and remainders to be divided based on
arbitrary ratio of 3:2. d. Annual salaries of P120, 000 and P100, 000 respectively; Bonus to
Suarez of 25% of profit before bonus, before salaries to both ; remainder is divided based on
average capital ratio.

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KC Cruz and JD Suarez are partners of Cebu Vintage Car. The income a.pdf

  • 1. KC Cruz and JD Suarez are partners of Cebu Vintage Car. The income and expense summary account before final closing shows a credit balance of P500, 000 at the end of the fiscal year. The following were taken from their respective capital account ledgers: (Please see the assumptions below) KC Cruz Jan. 1 Balance 750, 000 Oct. 1 Withdrawal 70, 000 Dec. 1 Investment 50, 000 JD Suarez Jan. 1 Balance 700, 000 March 1 Investment 80, 000 Nov. 1 Withdrawal 10, 000 Dec. 1 Investment 40, 000 Required: (Please see the assumptions below) Show how profit is distributed to partners and journal entry to close the income and expense summary account under the following assumptions: a. Annual salaries of P45, 000 and P30, 000 given to Cruz and Suarez; 10% interest based on beginning capital balance of each partner: Bonus to Suarez of 20% of profit after bonus and after salaries and remainder to be divided equally. b. 15% interest is allowed to partners based on the average capital balance; annual salaries to each partner, P50, 000 and P20, 000 respectively; Bonus to Suarez of 20% of profit after bonus, and balance for distribution is to be divided based on beginning capital balance. c. Annual salaries of P45, 000 and P30, 000; 8% interest based on ending capital balance of each partner: Bonus to Suarez of 20% of profit before bonus, after salaries, after interest and remainders to be divided based on arbitrary ratio of 3:2. d. Annual salaries of P120, 000 and P100, 000 respectively; Bonus to Suarez of 25% of profit before bonus , before salaries to both ; remainder is divided based on average capital ratio. following were taken trom their respective capital account ledgers: (Please see the assumptions below) KC Cruz Jan. 1 Balance 750, 000 Oct. 1 Withdrawal 70,000 Dec. 1 lnvestment 50,000 JD Suarez Jan. 1 Balance 700, 000 March 1 lnvestment 80,000 Nov. 1 Withdrawal 10, 000 Dec. 1 lnvestment 40,000 Required: (Please see the assumptions below) Show how profit is distributed to partners and journal entry to close the income and expense summary account under the following assumptions: a. Annual salaries of P45,000 and P30,000 given to Cruz and Suarez; 10% interest based on beginning capital balance of each partner: Bonus to suarez of 20% of profit after bonus and after salaries and remainder to be divided equally. b. 15% interest is
  • 2. allowed to partners based on the average capital balance; annual salaries to each partner, P50, 000 and P20, 000 respectively; Bonus to suarez of 20% of profit after bonus, and balance for distribution is to be divided based on beginning capital balance. c. Annual salaries of P45, 000 and P30, 000; 8% interest based on ending capital balance of each partner: Bonus to Suarez of 20% of profit before bonus, after salaries, after interest and remainders to be divided based on arbitrary ratio of 3:2. d. Annual salaries of P120, 000 and P100, 000 respectively; Bonus to Suarez of 25% of profit before bonus, before salaries to both ; remainder is divided based on average capital ratio.