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# Problem 1

Taguro and Ichigo are partners in their fighting cock business. Ichigo is the managing partner. As of
December 31, 2014, their capital account showed the following:

## ____________Taguro, Capital_________ ____________Ichigo, Capital__________

July 1 45,000 Jan. 1 300,000 Apr. 1 90,000 Jan. 1 450,000
Dec. 1 30,000 April 1 30,000 Dec. 1 105,000 June 1 150,000
Nov. 1 105,000 Oct. 1 195,000

## Case 1: Assuming the partnership earned a net profit of P360, 000.

Case 2: Assuming the partnership earned a net profit of P 120,000
Case 3: Assuming the partnership incurred a net loss of P 60,000

Using the following independent agreements, distribute the profit or loss in case 1, case 2 and case 3 to
Taguro and Ichigo:

1. equally
2. 2:4 ratio for Taguro and Ichigo respectively.
3. 60% : 40% ratio for Taguro and Ichigo respectively
4. based on beginning capital balances
5. based on ending capital balances
6. they agreed to divide the net profit or loss by:
a. allowing a 10% interest on average capital,
b. allowing salary to Ichigo amounting to P60,000,
c. Ichigo will receive a 10% bonus on net income, and
d. The balance is based on a 60:40 ratio to Taguro and Ichigo respectively.

Problem 2
Pokpok and Pacpac are partners in their boxing business. As of December 31, 2009, their capital account
showed the following:

## _____________Pokpok, Capital_________ ____________Pacpac Capital_______________

July 1 30,000 Jan. 1 200,000 Apr. 1 60,000 Jan. 1 300,000
Dec. 1 20,000 April 1 20,000 Dec. 1 70,000 June 1 100,000
Nov. 1 70,000 Oct. 1 130,000

1. You were asked to compute the share of each partner in the profit amounting to P360, 000.
2. Use the following independent agreements in your distribution of profit or loss:

1 - Equally
2 - 3:6 ratio for Pokpok and Pacpac respectively.
3 - 60%: 40% ratio for Popok and Pacpac respectively
4 - Based on beginning capital balances
5 - Based on ending capital balances
Problem 3
Ring and Sing established a general professional partnership by investing P200, 000 and P300, 000,
respectively. Based on the 4 independent cases below:

a. Net loss is P220, 000 and the partners have no written partnership agreement.
b. Net income is P330, 000 and the partnership agreement states that the partners share profit and
losses on the basis of their capital contributions.
c. Net loss is P385, 000 and the partnership agreement states that the partners share profits on the
basis of their capital contributions.
d. Net income is P625, 000. The first P300, 000 is shared on the basis of their capital contribution.
The next P255,000 is
e. Based on partner's service, with Ring receiving P30% and Sing receiving 70%. The remainder is
shared equally.

Task: Determine the partner's share in the net income or net loss for each of the situations above.

Problem 4
Hibok & Tibok are partners in Bokbok Trading. In 2009, the partnership earned P 600,000 (net income).

Shown below are abstracts of the capital account of each partner as they appear in the General Ledger of
the partnership:

## Hibok, Capital Tibok, Capital

_____________________________ ________________________________
June 1 75,000 Jan. 1 500,000 March 1 150,000 Jan. 1 750,000
Dec. 1 50,000 April 1 50,000 Dec. 1 175,000 June 1 250,000
Nov. 1 175,000 Oct. 1 325,000

The bookkeeper of the partnership resigned and you took his place. As the new bookkeeper you were asked
to distribute the profit between the two partners and record the journal entries in the books of the
partnership under the following assumptions:

## 1. A 10% interest on beginning capital , then,

2. A salary allowance of P200, 000 to Hibok , then
3. A 5% bonus to Hibok on Net Income, and
4. The remainder to be distributed in the ratio of 4:6 to Hibok and Tibok respectively.

Problem 5
Assuming in 2009 the net income of MM TRADING, a trade partnership, (after income tax of 30%) was
P350, 000. Compute the bonus of the managing partner, Marah Mot, under the following independent
cases:
Case 1 - The bonus is 10% of net income. The bonus should be P ___________
Case 2 -The bonus is 10% of net income before income tax. The bonus is P _____________
Case 3 - The bonus is 10% of net income after bonus and after income tax. The bonus is P ___________
Case 4 - The bonus is 10% of net income after interest on beginning capital balance and after salary
allowance but before bonus, assuming the interest on beginning capital is P14, 000 and the salary
allowance is P20, 000. The bonus is P _____________