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Give the entry to divide the net loss among the partners

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On January 1, 2021, TQS, JNV and KPH formed a partnership with TQS as an industrial partner, JNV and KPH contributing cash of P700,000 and P1,050,000 respectively. They agree to divide profits in the ratio of 2:4:3 to TQS, JNV, and KPH, respectively.

  • The operations of the partnership for the year 2021 resulted in a loss of P420,000

Required:

Problem 1: Give the entry to divide the net loss among the partners.

Reference no: EM132765175

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