CR Bal.

Income Summary of 600,000

CASE 1: JDJ Profit and loss sharing is 60:30:10

Jen 60% 360,000

Ding 30% 180,000
Josh 10% 60,000
600,000

Journal Entry:
Income Summary 600,000
Jen, Drawing 360,000
Ding, Drawing 180,000
Josh, Drawing 60,000

CASE 2: no agreenebt nade regarding the partnership profit distribution

600,000 (75%) + 200,000 (25%) = 800,000

Jen 75 125 360,000

Ding 25 125 120,000
Josh 25 125 120,000
600,000

Journal Entry:
Income Summary 600,000
Jen, Drawing 360,000
Ding, Drawing 120,000
Josh, Drawing 120,000

CASE 3: eash industrial partner will get 10% of the partnership's net income
and the balance shall be distributed to the capitalist according
to their capital contribution
600,000 (75%) + 200,000 (25%) = 800,000

Josh INDUSTRIAL 10% 60,000

Ding INDUSTRIAL 10% 60,000
Ding CAPITALIST 80% 25 100 120,000
Jen CAPITALIST 80% 75 100 360,000
600,000

Journal Entry:
Income Summary 600,000
Jen, Drawing 360,000
Ding, Drawing 180,000
Josh, Drawing 60,000
DR Bal. of Income Summary is 100,000
CASE 1: ABH Profit and loss sharing is 60:30:10

Alto 100,000 60% 60,000

Bonita 100,000 30% 30,000
Hermosa 100,000 10% 10,000
100,000
Journal Entry:
Alto, Drawing 60,000
Bonita, Drawing 30,000
Hermosa, Drawing 10,000
Income Summary 100,000

CASE 2: no agreenebt nade regarding the partnership profit distribution

Alto 100,000 75% 75,000

Bonita 100,000 25% 25,000
100,000

Journal Entry:
Alto, Drawing 75,000
Bonita, Drawing 25,000
Income Summary 100,000

CASE 3: eash industrial partner will get 10% of the partnership's net income
and the balance shall be distributed to the capitalist according
to their capital contribution

Hermosa 100,000 10% 10,000

Bonita 100,000 10% 10,000
Bonita 80,000 25% 20,000
Alto 80,000 75% 60,000
100,000

Journal Entry:
Alto, Drawing 60,000
Bonita, Drawing 30,000
Hermosa, Drawing 10,000
Income Summary 100,000