Problem 01

The partnership contract of X, Y and Z provided for the distribution of profit or loss in the following manner:

1. X and Z are to received salary of P25,000.00 and 40,000.00, respectively;

2. Interest at 5% on beginning capital balances of the partners;
3. Bonus will be given to Y at 30% before salary, interest and bonus; and
4. Any remainder will be shared 20:50:30.

Net income of XYZ Partnership for the calendar year was P180,000.00. Capital balances of partners X, Y and Z
at the start of the year was: X, P200,000.00; Y, P500,000.00; and Z, P300,000.00.

Required:
1. Prepare profit distribution table.

Problem 01

The partnership contract of X, Y and Z provided for the distribution of profit or loss in the following manner:

1. X and Z are to received salary of P25,000.00 and 40,000.00, respectively;

2. Interest at 5% on beginning capital balances of the partners;
3. Bonus will be given to Y at 30% before salary, interest and bonus; and
4. Any remainder will be shared 20:50:30.

Net income of XYZ Partnership for the calendar year was P180,000.00. Capital balances of partners X, Y and Z
at the start of the year was: X, P200,000.00; Y, P500,000.00; and Z, P300,000.00.

Required:
1. Prepare profit distribution table.

Problem 01

The partnership contract of X, Y and Z provided for the distribution of profit or loss in the following manner:

1. X and Z are to received salary of P25,000.00 and 40,000.00, respectively;

2. Interest at 5% on beginning capital balances of the partners;
3. Bonus will be given to Y at 30% before salary, interest and bonus; and
4. Any remainder will be shared 20:50:30.

Net income of XYZ Partnership for the calendar year was P180,000.00. Capital balances of partners X, Y and Z
at the start of the year was: X, P200,000.00; Y, P500,000.00; and Z, P300,000.00.

Required:
1. Prepare profit distribution table.

Problem 01

The partnership contract of X, Y and Z provided for the distribution of profit or loss in the following manner:

1. X and Z are to received salary of P25,000.00 and 40,000.00, respectively;

2. Interest at 5% on beginning capital balances of the partners;
3. Bonus will be given to Y at 30% before salary, interest and bonus; and
4. Any remainder will be shared 20:50:30.

Net income of XYZ Partnership for the calendar year was P180,000.00. Capital balances of partners X, Y and Z
at the start of the year was: X, P200,000.00; Y, P500,000.00; and Z, P300,000.00.

Required:
1. Prepare profit distribution table.