Division of Profits
Division of Profits
Division of Profits
ables 275,000.00
Total 500,000.00
Galang Ables
360,000.00 440,000.00 800,000.00
500,000.00
Profit 2,000,000.00
Orosco
Beginning of the year 450,000.00
Castillo
Jan1-Sept30 300,000.00 9/12 225,000.00 350,000.00
Oct-01 500,000.00 3/12 125,000.00 450,000.00
350,000.00 800,000.00
Castillo Orosco
875,000.00 1,125,000.00 2,000,000.00
Income Summary 2,000,000.00
Orosco 1,125,000.00
Castillo 875,000.00
Income Summary 650,000.00 Laguna
Laguna, Drawing 260,000.00 900,000.00
Cadelina, Drawing 390,000.00 300,000.00
600,000.00
Cadelina Total
1,300,000.00 2,200,000.00 2/5
240,000.00 540,000.00 3/5
1,060,000.00 1,660,000.00
Income Summary
Baral, Drawing
Malaluan, Drawing
Castro, Drawing
2019
January Cash 2,400,000.00
Marasigan, Capital 2,400,000.00
Building 2,200,000.00
Equipment 1,400,000.00
Asacta, capital 3,600,000.00
6,000,000.00
2019 2020
a 0.50 0.50 a
Marasigan, Drawing 420,000.00
Asacta, Drawing 420,000.00
0.40 0.60
160,000.00 240,000.00
E
10% 20,000.00 30,000.00 50,000.00
Salaries 340,000.00 170,000.00 510,000.00
Balance 470,000.00 470,000.00 940,000.00
830,000.00 670,000.00 1,500,000.00
F
10% 20,000.00 30,000.00 50,000.00 188,000.00 548,000.00 376,000.00
Salaries 340,000.00 170,000.00 510,000.00 200,000.00 376,000.00
940,000.00 748,000.00
752,000.00
Profit 924,000.00 576,000.00
E
10% 20,000.00 30,000.00 50,000.00
Salaries 340,000.00 170,000.00 510,000.00
Balance 50,000.00 50,000.00 100,000.00
410,000.00 250,000.00 660,000.00
F
924,000.00 10% 20,000.00 30,000.00 50,000.00 30,000.00
576,000.00 Salaries 340,000.00 170,000.00 510,000.00
150,000.00
Resulta Total
35,000.00 80,000.00
155,000.00 330,000.00
- 85,000.00 - 170,000.00
105,000.00 240,000.00
Income Summary 740,000.00 Salary
Modesto, Drawing 220,000.00 10%
Resultay, Drawing 290,000.00
Laguna, Drawing 230,000.00 Share in Profits
Total
450,000.00 #REF! #REF! Modesto Resultay
90,000.00 #REF! #REF! Salary 150,000.00 150,000.00
540,000.00 #REF! #REF! 10% 30,000.00 40,000.00
#REF! - 80,000.00 - 200,000.00
100,000.00 - 10,000.00
Total
450,000.00
90,000.00
- 600,000.00
- 60,000.00
Laguna Total
150,000.00 450,000.00 540,000.00
20,000.00 90,000.00
- 120,000.00 - 400,000.00
50,000.00 140,000.00
Profit ###
###
###
Balance ###
loss ###
###
###
Balance ###
Profit 405,000.00
Pasoa Te Ocenar Total
Salary 70,000.00 70,000.00 70,000.00 210,000.00
15% 30,000.00 15,000.00 60,000.00 105,000.00
40,000.00 30,000.00 20,000.00 90,000.00
140,000.00 115,000.00 150,000.00 405,000.00
D 77,777.78
Buenviaje Refozar
Income Summary 700,000.00 Salary 360,000.00 480,000.00
Buenvaje, Drawing 240,000.00 10% 40,000.00 60,000.00
Refozar, Drawing 460,000.00 - 160,000.00 - 80,000.00
240,000.00 460,000.00
Buenviaje Refozar
Salary 360,000.00 480,000.00
Buenvaje, Drawing 280,000.00 10% 40,000.00 60,000.00
Income Summary 80,000.00 - 680,000.00 - 340,000.00
Refozar, Drawing 200,000.00 - 280,000.00 200,000.00
Total
840,000.00
100,000.00
60,000.00
1,000,000.00
Total
840,000.00
100,000.00
- 240,000.00
700,000.00
Total
840,000.00
100,000.00
- 1,020,000.00
- 80,000.00
Profit ###
###
###
Balance ###
1 Income Summary 48,000.00 Average Capital
Rialubin, Drawing 18,000.00 Riabulin
Rabena, Drawing 14,000.00
Dela Cruz, Drawing 16,000.00
Profit of 50,000.00
Rialubin Rabena Dela Cruz Total
10% 5,000.00 - - 5,000.00
14,400.00 14,400.00 16,200.00 45,000.00
19,400.00 14,400.00 16,200.00 50,000.00
Loss of 35,000.00
Rialubin Rabena Dela Cruz Total
10% Interest 8,000.00 8,000.00 9,000.00 25,000.00
(20,000.00) (20,000.00) (20,000.00) - 65,000.00
(12,000.00) (12,000.00) (11,000.00) (35,000.00)
verage Capital
250,000.00
2 Income Summary
Mones, Drawing
Pitular, Drawing
Tuazon, Drawing
Mones Pitular Tuazon Total
120,000.00 60,000.00 60,000.00 240,000.00
100,000.00 50,000.00 50,000.00 200,000.00
- 60,000.00 - 15,000.00 - 15,000.00 - 90,000.00
160,000.00 95,000.00 95,000.00 350,000.00
Michelle
280,000.00
410,000.00
Michelle
36,892.00 50,000.00 3/12 12,500.00 221,428.57
36,982.00 30,000.00 3/12 7,500.00 440,000.00
37,073.00 110,000.00 6/12 55,000.00
75,000.00 1,640,000.00
Mariane
36,892.00 30,000.00 2/12 5,000.00 132,857.14
36,951.00 120,000.00 10/12 100,000.00 480,000.00
105,000.00
Mira
36,892.00 200,000.00 9/12 150,000.00 885,714.29
11,202.00 150,000.00 2/12 25,000.00 720,000.00
37,226.00 180,000.00 1/12 15,000.00
190,000.00
570,000.00
370,000.00
2,050,000.00
0.25 0.35
- 630,000.00 512,500.00 717,500.00
- 189,000.00 - 283,500.00 - 157,500.00
Michelle Mariane Mira Total
Salaries 120,000.00 - 90,000.00 210,000.00
10% Interest 7,500.00 10,500.00 19,000.00 37,000.00
106,000.00 106,000.00 106,000.00 318,000.00
233,500.00 116,500.00 215,000.00 565,000.00
240,000.00
Michelle Mariane Mira Total
Salary - - 80,000.00 80,000.00
20% Bonus - - 48,000.00 48,000.00
0.40 10% Interes 11,000.00 12,000.00 - 23,000.00
820,000.00 18,040.54 25,256.76 45,702.70 89,000.00
29,040.54 37,256.76 173,702.70 240,000.00
Loss 360,000
Michelle Mariane Mira Total
Salary 80,000.00 80,000.00 80,000.00 240,000.00
20% - - - -
- 200,000.00 - 200,000.00 - 200,000.00 - 600,000.00
- 120,000.00 - 120,000.00 - 120,000.00 - 360,000.00
Super Manila Novelty Store
Statement of Comprehensive Income
For The Year Ended December 31,2019
Sales 2,500,000.00
Less: Cost of Sales 1,450,000.00
Gross Profit 1,050,000.00
Less: Operating Expenses 700,000.00
Profit 350,000.00
Casstor
Capital Account January 1, 2019 75,000.00
Add: Investment 50,000.00
Share from Profit or loss 105,000.00
Total 230,000.00
Less: Withdrawals -
Partners' Equity Decmber 31,2019 230,000.00
a Novelty Store
ges in Partners' Equity
d December 31,2019
ASSETS
Current Assets
Cash and Cash Equivalents 110,000.00
Trades and Other Receivables 80,000.00
Inventories 800,000.00
Prepaid Expenses 35,000.00
Total Current Assts 1,025,000.00
Liabilities
Current Liabilities
Trade and other Payables 165,000.00
Partners' Equity
Note 3 Inventory
Merchandise Inventory 800,000.00
2,500,000.00
Trial Balance
Accounts Title Debit Credit
Cash 132,310.00
Accounts Receivable 545,070.00
Prepaid Insurance 7,350.00
Merchandise Inventory Dec 31 1,320,420.00
Allowance for Uncollectible Account 18,790.00
Equipment 753,150.00
Accumulated Depreciation- Equipment 462,870.00
Accounts Payable 677,820.00
Notes Payable 299,000.00
Santiago, Capital 499,600.00
Calamba, Capital 612,000.00
Santiago, Drawing 244,800.00
Calamba, Drawing 326,400.00
Sales 7,155,000.00
Sales Returns and Allow 375,750.00
Purchases 5,407,160.00
Purchases Returns and allow 259,600.00
Purchase Discouny 43,050.00
Transportation in 224,880.00
Selling Expenses 385,880.00
General Expense 149,390.00
Interest Expense 35,000.00
TOTAL 9,907,560.00 10,027,730.00
Profit 759,420.00
Division of Profit
Calamba Santiago Total
Salary 330,000.00 290,000.00 620,000.00
10% Interest 61,200.00 49,960.00 111,160.00
14,130.00 14,130.00 28,260.00
Profit 405,330.00 354,090.00 759,420.00
Current Assets
Cash and Cash Equivalents 132,310.00
Trades and Other Receivables 526,280.00
Inventories 1,320,420.00
Prepaid Expenses 7,350.00
Total Current Assts
Total Assets
Liabilities
Current Liabilities
Trade and other Payables
Partners' Equity
Calamba, Drawing
Santiago Drawing
976,820.00
Note 6 Net Sales
Sales
Less: Sales Returns and allowances
Net Sales
690,930.00
608,890.00
Note 7 Cost of Sales
2,276,640.00 Merchandise Inventory Jan. 1,2021
Add: Net cost of purchases
Purchases
Add; Transportation in
Total
Less: Purchases Returns
purchase Discounts
Total Goods Available for Sales
Less: Merchandise Inventory, Dec 31,2021
Cost of Good Sold
545,070.00
18,790.00
526,280.00
1,320,420,000.00
7,350.00
677,820.00
299,000.00
976,820.00
7,155,000.00
375,750.00 375,750.00
6,779,250.00
1,440,590.00
5,407,160.00
224,880.00 5,632,040.00
259,600.00
43,050.00 302,650.00 5,329,390.00
6,769,980.00
y, Dec 31,2021 1,320,420.00
5,449,560.00
385,880.00
149,390.00
35,000.00
Income Summary
Pangilinan, Drawing
Gumban, Drawing
De Guzman, Drawing
Average Capital
Pangilinan Gumban De Guzman Total Pangilinan
Salary 100,000.00 - - 100,000.00
10% Interest Jan-01
Jul-01
Gumban
Jan-01
Sep-01
De Guzman
Jan-01
Jul-01
Oct-01
600,000.00 6/12 300,000.00
520,000.00 6/12 260,000.00
560,000.00