Reference no: EM133064906
Question 1 - The partnership contract for the Thick and Thock Partnership provided that Thick is to receive and annual salary of P70,000, Thock is to receive an annual salary of P50,000, and the remaining profit or loss is to be divided equally between the two partners. Net income of the Thick and Thock Partnership for the year ended December 31, 2021 was P100,000. The closing entry for net income on December 31, 2021 is a debit to Income Summary for P100,000 and credits to Thick Capital and Thock Capital, respectively of?
Question 2 - On January 1, 2020, Rus and An decided to form a partnership. At the end of the year, a partnership made a net income of P75,000. The capital account of the partnership shows the following transactions.
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RUS
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AN
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January 1
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30,000
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40,000
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May 1
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6,000
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July 1
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(12,000)
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8,000
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August 1
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(3,000)
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October 1
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12,000
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(2,000)
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Assuming that an interest of 20% per annum is given on average capital and the balance of the profits is allocated equally, the allocation of profits should be?
Question 3 - Pak and Ner are partners who share profits and losses in the ratio of 70:30%, respectively. Pak's salary is Php 50,000 and Php 25,000 for Ner. The partners are also paid interest on their average capital balances. In 2020, Pak's received 30,000 of interest and Ner, 20,000. The profit and loss allocation are determined after deductions for the salary and interest payments. If Pak's share in the residual income was P56,000, what was the total partnership income?
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