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Operation Exercises

The document outlines financial data for the King, Jolly, and Donald Partnership as of December 31, 2019, including assets, liabilities, and capital. It details a profit-sharing agreement among the partners, which includes monthly salaries, bonuses, and interest on capital. Additionally, it mentions a profit of P100,000 for the period.

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Rein Malabana
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16 views1 page

Operation Exercises

The document outlines financial data for the King, Jolly, and Donald Partnership as of December 31, 2019, including assets, liabilities, and capital. It details a profit-sharing agreement among the partners, which includes monthly salaries, bonuses, and interest on capital. Additionally, it mentions a profit of P100,000 for the period.

Uploaded by

Rein Malabana
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

Problem 1

Profit is a) 300,0000

Problem 2:
As of December 31, 2019, King, Jolly and Donald Partnership has the following data before
effecting distribution of income summary account with a debit balance of P 300,000 from
operation beginning January 1, 2019.
ASSETS LIABILITIES CAPITAL
Cash P 400,000 Accounts Payable P 100,000 King, Capital P 500,000
Non-Cash Assets ? King, Loan 500,000 Jolly, Capital 500,000
Donald, Capital 500,000
The partners have the following profit and loss agreement:
a. All partners shall have a monthly salary of P 10,000;
b. Mr. King shall have a 10% bonus on the profit before salary, interest, and bonus;
c. Interest on beginning capital would be 6% annually; and
d. Balance divided equally.

Problem 3:

Profit: P100,000

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