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Acp311 Operation

The document outlines three profit and loss agreements for partnerships. The first partnership had net profits of P95,000 and P75,000 in two scenarios. Partners receive salaries and the remaining profit is distributed based on a 3:4:3 ratio. The second partnership involves Ken and Barbie sharing profits in a 6:4 ratio after salaries, bonuses, and interest are deducted from their P44,000 net income.

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Angeline Patac Lumiguid
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2K views2 pages

Acp311 Operation

The document outlines three profit and loss agreements for partnerships. The first partnership had net profits of P95,000 and P75,000 in two scenarios. Partners receive salaries and the remaining profit is distributed based on a 3:4:3 ratio. The second partnership involves Ken and Barbie sharing profits in a 6:4 ratio after salaries, bonuses, and interest are deducted from their P44,000 net income.

Uploaded by

Angeline Patac Lumiguid
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Aristorenas, Soriano and Filamor have the following profit and loss agreement:

 Partners Aristorenas and Soriano will receive salaries of P 40,000 each.


 Partner Filamor will get a bonus of 10% of net income before bonus.
 Remaining profits are shared by Aristorenas, Soriano and Filamor in the ratio of 3:4:3,
respectively.

1. The partnership had a net profit of P 95,000.


ARISTORENAS SORIANO FILAMOR TOTAL
Salaries allowed to partners 40,000 40,000 - 80,000
Bonus (10%) - - 9,500 9,500
95000*10%
Balance: (3:4:3) 5,500
A:5,500*3/10 1,650
S:5,500*4/10 2,200
F:5,500*3/10 1,650

41,650 42,200 11,150 95,000

2. The partnership had a net profit of P 75,000.


ARISTORENAS SORIANO FILAMOR TOTAL
Salaries allowed to partners 40,000 40,000 - 80,000
Bonus (10%) - - 7,500 7,500
75000*10%
Balance: (3:4:3) (12,500)
A(12,500)*3/10 (3,750)
S:(12,500)*4/10 (5,000)
F:(12,500)*3/10 (3,750)

36,250 35,000 3,750 75,000


3. Ken and Barbie are partners in an accounting firm. Their capital account balances at year-end were
Ken P 145,000 and Barbie P 105,000. They share profits and losses in a 6:4 ratios; after the following
special terms:
 Partner Barbie is to receive a bonus of 10% of the net income after bonus.
 Interest of 10% shall be paid on that portion of a partner’s capital in excess of
P100,000.
 Salaries of P 10,000 and P 12,000 shall be paid to Ken and Barbie respectively.
Assuming a net income of P 44,000 for the year.

KEN BARBIE TOTAL


Bonus (10%): 4,000 4,000
(44,000 / 110%)*10%
Interest allowed to partners (10%):
Ken: (145,000 – 100,000) * 10% 4,500
Barbie: (105,000 – 100,000) * 10% 500 5,000
Salaries allowed to partners: 10,000 12,000 22,000
Balance: (6:4) 13,000
K:13,000*6/10 7,800
B:13,000*4/10 5,200

22,300 21,700 44,000

Bonus = Profit * Bonus rate

Bonus = 40,000 *20%

Bonus = [Profit / (100% + Bonus rate)] * Bonus rate

Bonus = [40,000 / (100%+20%)]*20%

= (40,000/1.2)*.2

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