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    Apolonio Partnership Operations

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    Nicholas Andrew Atienza
    1. The partnership had net income of P360,000. Partner P was allocated P164,560 and Partner Q was allocated P195,440 based on salary, interest, bonus percentages, and remainder split 60% to P and 40% to Q. 2. When net income was P240,000, P was allocated P98,320 and Q was allocated P141,680 using the same allocation method. 3. With a net loss of P40,000, P was allocated a loss of P33,500 and Q a loss of P6,500 by applying the allocation percentages and remainder split.

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    Apolonio Partnership Operations

    Uploaded by

    Nicholas Andrew Atienza
    5 views2 pages
    1. The partnership had net income of P360,000. Partner P was allocated P164,560 and Partner Q was allocated P195,440 based on salary, interest, bonus percentages, and remainder split 60% to P and 40% to Q. 2. When net income was P240,000, P was allocated P98,320 and Q was allocated P141,680 using the same allocation method. 3. With a net loss of P40,000, P was allocated a loss of P33,500 and Q a loss of P6,500 by applying the allocation percentages and remainder split.

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    1. The partnership had net income of P360,000. Partner P was allocated P164,560 and Partner Q was allocated P195,440 based on salary, interest, bonus percentages, and remainder split 60% to P and 40% to Q. 2. When net income was P240,000, P was allocated P98,320 and Q was allocated P141,680 using the same allocation method. 3. With a net loss of P40,000, P was allocated a loss of P33,500 and Q a loss of P6,500 by applying the allocation percentages and remainder split.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    5 views2 pages

    Apolonio Partnership Operations

    Uploaded by

    Nicholas Andrew Atienza
    1. The partnership had net income of P360,000. Partner P was allocated P164,560 and Partner Q was allocated P195,440 based on salary, interest, bonus percentages, and remainder split 60% to P and 40% to Q. 2. When net income was P240,000, P was allocated P98,320 and Q was allocated P141,680 using the same allocation method. 3. With a net loss of P40,000, P was allocated a loss of P33,500 and Q a loss of P6,500 by applying the allocation percentages and remainder split.

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    APOLONIO, KRISCHELLE ANN J.

    PARTNERSHIP OPERATIONS
    ALLOCATION OF INCOME OR LOSS OF PARTNERSHIP TO PARTNERS

    1. Partnership net income is P360,000

    P Q TOTAL Computations:
    Salary 80,000.00 100,000.00 180,000.00
    Interest (Average Capital x 7%) 9,800.00 16,800.00 26,600.00
    Bonus (360,000x6% for P, 12% for Q) 21,600.00 43,200.00 64,800.00
    Sub Total 111,400.00 160,000.00 271,400.00
    Remainder (60% for P, 40% for Q) 53,160.00 35,440.00 88,600.00
    Total Net Income Allocated 164,560.00 195,440.00 360,000.00

    2. Partnership net income is P240,000

    P Q TOTAL Computations:
    Salary 80,000.00 100,000.00 180,000.00
    Interest (Average Capital x 7%) 9,800.00 16,800.00 26,600.00
    Bonus (240,000x6% for P, 12% for Q) 14,400.00 28,800.00 43,200.00
    Sub Total 104,200.00 145,600.00 249,800.00
    Remainder (60% for P, 40% for Q) - 5,880.00 - 3,920.00 - 9,800.00
    Total Net Income Allocated 98,320.00 141,680.00 240,000.00

    3. Partnership net loss is P40,000

    P Q TOTAL Computations:
    Salary 80,000.00 100,000.00 180,000.00
    Interest (Average Capital x 7%) 9,800.00 16,800.00 26,600.00
    Sub Total 89,800.00 116,800.00 206,600.00
    Remainder (60% for P, 40% for Q) - 123,300.00 - 123,300.00 - 246,600.00
    Total Net Income Allocated - 33,500.00 - 6,500.00 - 40,000.00
    Computations:
    Remainder:
    Net Income 360,000.00
    Less: Sub Total 271,400.00
    Remainder 88,600.00

    Computations:
    Remainder:
    Net Income 240,000.00
    Less: Sub Total 249,800.00
    Remainder - 9,800.00

    Computations:
    Remainder:
    Net loss - 40,000.00
    Less: Sub Total 206,600.00
    Remainder - 246,600.00

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