Mathematics, 30.11.2020 18:50 elposhoo5067
X, Y & Z formed a partnership. X contributed cash of ₱400,000 while Y contributed an equipment costing ₱700,000 with a current fair value of ₱300,000 and Z contributed cash of ₱100,000 and accounts receivable of ₱250,000 with a bad debt of ₱50,000. The partnership agreement stipulates the following:
1. Annual salary allowances of X, Y & Z of ₱50,000, 40,000 & 30,000 respectively.
2. 10% bonus to X after salaries.
Case 1: The partnership earned profit of ₱250,000.
Case 2: The partnership earned profit of ₱80,000.
Requirements: Based on the cases given above prepare the following requirements for each case:
a. Determine the correct valuations of the partners’ contributions and provide the journal entry to record the initial investment of the partners. (one solution only for case 1 & 2)
b. Compute for the respective shares of each partners in the profit. (2 solutions: case 1 & case 2)
c. Prepare closing entry for the income summary. (2 solutions: case 1 & case 2)
Answers: 1
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