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    Acct NG Solutions

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    Gelyn Cruz
    The partnership of Onate, Guillermo and Cumagun reported a profit of P12,500 for 2015 but omitted some accrued and prepaid items from their books. After adjusting for these items, the new profit was P12,300. Cumagun's share of the adjusted 2015 profit is P2,214. Aglugob joined the partnership on January 1, 2015 with a 10% share of profits, while the original partners' profit sharing ratios remained the same. The partnership of Buboy, Little and Love reported a profit of P100,000 for 2015 but there were no accrued or prepaid items omitted. Buboy's share of the adjusted 2015 profit is P48

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    Acct NG Solutions

    Uploaded by

    Gelyn Cruz
    925 views1 page
    The partnership of Onate, Guillermo and Cumagun reported a profit of P12,500 for 2015 but omitted some accrued and prepaid items from their books. After adjusting for these items, the new profit was P12,300. Cumagun's share of the adjusted 2015 profit is P2,214. Aglugob joined the partnership on January 1, 2015 with a 10% share of profits, while the original partners' profit sharing ratios remained the same. The partnership of Buboy, Little and Love reported a profit of P100,000 for 2015 but there were no accrued or prepaid items omitted. Buboy's share of the adjusted 2015 profit is P48

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    Acct Ng Solutions

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    The partnership of Onate, Guillermo and Cumagun reported a profit of P12,500 for 2015 but omitted some accrued and prepaid items from their books. After adjusting for these items, the new profit was P12,300. Cumagun's share of the adjusted 2015 profit is P2,214. Aglugob joined the partnership on January 1, 2015 with a 10% share of profits, while the original partners' profit sharing ratios remained the same. The partnership of Buboy, Little and Love reported a profit of P100,000 for 2015 but there were no accrued or prepaid items omitted. Buboy's share of the adjusted 2015 profit is P48

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    925 views1 page

    Acct NG Solutions

    Uploaded by

    Gelyn Cruz
    The partnership of Onate, Guillermo and Cumagun reported a profit of P12,500 for 2015 but omitted some accrued and prepaid items from their books. After adjusting for these items, the new profit was P12,300. Cumagun's share of the adjusted 2015 profit is P2,214. Aglugob joined the partnership on January 1, 2015 with a 10% share of profits, while the original partners' profit sharing ratios remained the same. The partnership of Buboy, Little and Love reported a profit of P100,000 for 2015 but there were no accrued or prepaid items omitted. Buboy's share of the adjusted 2015 profit is P48

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    © All Rights Reserved
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    of 1

    Onate,Guillermo and Cumagun sharing profits

    on 5:3:2 ratio.On Jan 1,2015,Aglugob was


    admitted in the partnership with a 10% share in
    profits. The old partners continue to participate
    in profits in their original ratios. For 2015, the
    profit of the partnership was reported as P12500.
    However, it was discovered that the following
    items were omitted in the firms book:
    Unrecorded at yr end
    2014
    2015
    Prepaid Expense
    800
    Accrued Expense
    600
    Unearned Income
    700
    Accrued Income
    500

    profits on 6:3:1 ratio.Rence was admitted into


    the partnership with 20% share in profit on Jan
    1,2015. The old partners continue to participate
    in profits in their original ratios. For 2015, the
    profit of the partnership was reported as
    P100,000. However, it was discovered that the
    following items were omitted in the firms book:
    Unrecorded at yr end 2014
    Accrued Expense
    1050
    Accrued Income
    875
    Prepaid Expense
    Unearned Income

    2015
    1400
    1225

    The share of Little in 2015 profit is:


    The new profit and loss ratio for Guillermo and
    the share of partner Cumagun in the 2015 profit
    would be.
    New Profit sharing ratio
    Onate
    90%x50%= 45%
    Guillermo 90%x30%=27%
    Cumagun 90%x20%= 18%
    Aglugob 20%
    Agreed
    Profit Unadjusted:

    12,500

    Accrued Expense

    (600)

    Accrued Income

    500

    Prepaid Expense

    (800)

    Unearned Income
    700
    Profit Adjusted:
    12300x18%=
    P2214(Cumagun)

    Buboy,Little and Love are partners sharing

    New Profit sharing ratio


    Buboy 80% x60%=
    48% x 100,000=48000
    Little
    80% x30%= 24% x100,000=24000
    Love
    80%x10% = 8% x100,000=8000
    Rence
    20% Agreed 20% x100,000=20000
    Profit Unadjusted:

    100,000

    Accrued Expense
    Accrued Income
    Prepaid Expense
    Unearned Income
    Profit Adjusted:

    0
    0
    0
    0
    100,000

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