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Basic Accounting 2 Palma Chapter3 Reproof

This document discusses key aspects of partnership operations including profit and loss sharing, partners' liability, prohibitions on partners engaging in outside business, capital and loan accounts, recording profit distribution, and taxation. It also covers methods of distributing profits, calculating partners' shares that include allowances, interest, salaries, and bonuses. Finally, it provides additional problems and examples of bonus agreements for managing partners.

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Feizhen Mae
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387 views78 pages

Basic Accounting 2 Palma Chapter3 Reproof

This document discusses key aspects of partnership operations including profit and loss sharing, partners' liability, prohibitions on partners engaging in outside business, capital and loan accounts, recording profit distribution, and taxation. It also covers methods of distributing profits, calculating partners' shares that include allowances, interest, salaries, and bonuses. Finally, it provides additional problems and examples of bonus agreements for managing partners.

Uploaded by

Feizhen Mae
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Partnership Operation and

Distribution of Profit
Learning Objectives
Profit and Loss Sharing
(ART. 1797)
Application of the Laws on
Profit and Loss Sharing
Law on Partnership’s Liability and Partners’ Share
in the Liability of the Partnership (ART. 1816 )
Prohibitions of Partners
to Engage in Business
Capital Account
Drawing or Withdrawal Account
Loan Accounts
Interest in the Partnership and Share in
Profit
Recording the Distribution
of Profit and Loss
Two Methods of Recording
the Result of Operation
The Direct Method
Distribution of Profits and Losses
Methods of Profit Distribution
Profit and Loss Division for Allowance, Interest,
Salaries, and Bonuses
ADDITIONAL ILLUSTRATIVE PROBLEMS
Partnership Taxation
Various Bonus Agreements
of Managing Partner

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