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    Arthur Baxter Cartwright Total

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    Saoxalo O
    1) The document shows the allocation of income and capital amounts for three partners (Arthur, Baxter, Cartwright) over one year. It allocates interest income, salaries, and remaining income based on a 3:3:4 ratio. 2) The document also shows the allocation of losses and income over two years for three partners (Winston, Durham, Salem). It allocates interest income, salaries, and remaining losses/income based on a 5:2:3 ratio. 3) The document provides additional details on the capital amounts, income/losses, and ending capital for each partner over the periods described.

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    Arthur Baxter Cartwright Total

    Uploaded by

    Saoxalo O
    37 views4 pages
    1) The document shows the allocation of income and capital amounts for three partners (Arthur, Baxter, Cartwright) over one year. It allocates interest income, salaries, and remaining income based on a 3:3:4 ratio. 2) The document also shows the allocation of losses and income over two years for three partners (Winston, Durham, Salem). It allocates interest income, salaries, and remaining losses/income based on a 5:2:3 ratio. 3) The document provides additional details on the capital amounts, income/losses, and ending capital for each partner over the periods described.

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    ii

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    1) The document shows the allocation of income and capital amounts for three partners (Arthur, Baxter, Cartwright) over one year. It allocates interest income, salaries, and remaining income based on a 3:3:4 ratio. 2) The document also shows the allocation of losses and income over two years for three partners (Winston, Durham, Salem). It allocates interest income, salaries, and remaining losses/income based on a 5:2:3 ratio. 3) The document provides additional details on the capital amounts, income/losses, and ending capital for each partner over the periods described.

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    Download as docx, pdf, or txt
    37 views4 pages

    Arthur Baxter Cartwright Total

    Uploaded by

    Saoxalo O
    1) The document shows the allocation of income and capital amounts for three partners (Arthur, Baxter, Cartwright) over one year. It allocates interest income, salaries, and remaining income based on a 3:3:4 ratio. 2) The document also shows the allocation of losses and income over two years for three partners (Winston, Durham, Salem). It allocates interest income, salaries, and remaining losses/income based on a 5:2:3 ratio. 3) The document provides additional details on the capital amounts, income/losses, and ending capital for each partner over the periods described.

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    © All Rights Reserved
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    of 4

    P 487,500 x 10% = P48,750

    19. d - ASSIGNMENT OF INCOME


    ARTHUR
    BAXTER
    CARTWRIGHT
    TOTAL
    Interest—10% of
    beginning capital .............................
    P 6,000
    P 8,000
    P10,000
    P24,000
    Salary .......................................................
    20,000
    20,000
    Allocation of remaining income
    (P6,000 divided on a 3:3:4 basis) ........... 1,800
    1,800
    2,400
    6,000
    Totals ............................................
    P 7,800
    P29,800
    P12,400
    P50,000
    STATEMENT OF CAPITAL
    ARTHUR
    BAXTER
    CARTWRIGHT
    TOTAL
    Beginning capital .....................................
    P60,000
    P80,000
    P100,000
    P240,000
    Net income (above) ................................
    7,800
    29,800
    12,400
    50,000
    Drawings (given) .......................................
    (5,000)
    (5,000)
    (5,000)
    (15,000)
    Ending capital ...........................................
    P62,800
    P104,800
    P107,400
    P275,000
    20. a
    ASSIGNMENT OF INCOME—YEAR ONE
    WINSTON
    DURHAM
    SALEM
    TOTAL
    Interest—10% of
    beginning capital .............................
    P11,000
    P 8,000
    P11,000
    P30,000
    Salary ....................................................... 20,000
    -0-
    10,000
    30,000
    Allocation of remaining loss
    (P80,000 divided on a 5:2:3 basis) .......... (40,000) (16,000)
    (24,000)
    (80,000)
    Totals ............................................
    P(9,000)
    P (8,000)
    P (3,000)
    P (20,000)
    STATEMENT OF CAPITAL—YEAR ONE
    WINSTON DURHAM
    SALEM
    TOTALBeginning capital .....................................
    P110,000
    P80,000
    P110,000
    P300,000
    Net loss (above) .......................................
    (9,000)
    (8,000)
    (3,000)
    (20,000)
    Drawings (given) .......................................
    (10,000)
    (10,000)
    (10,000)
    (30,000)
    Ending capital ...................................
    P 91,000
    P62,000
    P 97,000
    P250,000
    ASSIGNMENT OF INCOME—YEAR TWO
    WINSTON
    DURHAM
    SALEM
    TOTAL
    Interest—10% of
    beginning capital .............................
    P 9,100
    P 6,200
    P 9,700
    P25,000
    Salary ....................................................... 20,000
    -0-
    10,000
    30,000
    Allocation of remaining loss
    (P15,000 divided on a 5:2:3 basis) ......... (7,500) (3,000)
    (4,500)
    (15,000)
    Totals ............................................
    P21,600
    P3,200
    P15,200
    P40,000
    STATEMENT OF CAPITAL—YEAR TWO
    WINSTON
    DURHAM
    SALEM
    TOTAL
    Beginning capital (above) .....................
    P 91,000
    P62,000
    P 97,000
    P250,000
    Net income (above) ................................
    21,600
    3,200
    15,200
    40,000
    Drawings (given) .......................................
    (10,000)
    (10,000)
    (10,000)
    (30,000)
    Ending capital ...................................
    P102,600
    P55,200
    P102,200
    P260,000
    21. a
    Capital, Beginning
    Additional investment 25,000
    Withdrawals (130,000)
    Net income 45,000 / 30% = P 150,000
    Net Decrease (60,000)
    22. a
    F
    G
    H
    Total
    10% interest a Average capital
    12,000
    6,000
    4,000
    22,000
    Salaries
    30,000
    20,000
    50,000
    Equally
    (35,000)
    ________ _________
    (105,000)
    7,000
    (33,000)
    23. d, P66,200; E, P34,100; F, P29,700
    D
    E
    F
    Total
    Salaries
    25,000
    20,000
    25,000
    70,000
    Bonus on income (10% x P130,000)
    13,000
    13,000
    Remainder (6:3:1)
    28,200
    14,100
    _4,700
    47,000
    66,200
    34,100
    29,700
    130,000

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