Page 46 - Demo

%u062c%u0645%u064a%u0639 %u0627%u0644%u062d%u0642%u0648%u0642 %u0645%u062d%u0641%u0648%u0638%u0629 %u0640 %u0627%u0625%u0644%u0639%u062a%u062f%u0627%u0621 %u0639%u0644%u0649 %u062d%u0642 %u0627%u0644%u0645%u0624%u0644%u0641 46 %u0628%u0627%u0644%u0646%u0633%u062e %u0623%u0648 %u0627%u0644%u0637%u0628%u0627%u0639%u0629 %u064a%u0639%u0631%u0636 %u0641%u0627%u0639%u0644%u0647 %u0644%u0644%u0645%u0633%u0627%u0626%u0644%u0629 %u0627%u0644%u0642%u0627%u0646%u0648%u0646%u064a%u0629Exercise (1): A, B, & C started their business on 1/1/2019 with total capital balance of $300,000divided among partners equally. By the end of the year, the company realized Net Income of $116,000. However, the accountant didn%u2019t record the interest of loan payable for partner (A) who paid $100,000 to the company on 1/7/2019 with an interest rate 12%. and the agreement among the partners stated the following: 1- To allow an Interest of 10% on the capital balances.2- To allow an annual salary of $20,000 to Partner %u201cA%u201d.3- To allow a bonus of 10% from profit after deducting bonus for partner %u201cC%u201d.4- To allocate Profit or Loss at a ratio of 4 : 3 : 3 respectively.Required: 1- prepare income allocation schedule. 2- Prepare the Journal Entries to record the drawing for each partner under perpetual system.3- prepare P & L Distribution Account.4- if current account of partner (A) $20,000 (Credit), of partner (B) $30,000 (credit) & of partner (C) $10,000 (debit). Prepare current account for each partner. Exercise (2): Assume that The Net Income of AB Partnership was $100,000. If you know that the Partnership%u2019s Agreement includes the following conditions:1- An annual salary of $10,000 should be paid to Partner (A) & a monthly Salary of $1,000 should be paid to Partner (B).2- An Interest of 12% should be computed on the Capital Balance of the partners, knowing that the partners agreed to use the weighted average capital balances of the partners.3- A bonus of 10% should be paid to Partner (A) on any profit exceeding $45,000 & after computing the bonus.4- The remaining profit should be distributed between the partners equally.Required: Prepare the Profit Distribution Schedule, knowing that the Beginning Capital Balances were $100,000 & $50,000 respectively. Partner (A) made an additional investment on 1/7 by $30,000 and Partner (B) made an additional investment on 1/10 by $20,000. Exercise (3): The Net Income of the partnership was $148,750 and the partners (A & B) agreed:1- To allow a 12% Interest on Weighted Average Capital Balances. 2- To allow a salary of $1,000 per month to Partner A.3- To allow a bonus of 10% to Partner B of Net Income after bonus and after deducting Salaries and Interest on Partners' Capital Balances.4- The remaining profit should be distributed between the partners equally.The Capital Balances for the year were as follows:Capital (A)1/7 20,000 1/1 30,0001/4 40,000End. Bal. 50,000Capital (B)1/1 60,0001/4 5,0001/10 10,000End. Bal. 75,000The partners agreed to compute an interest on drawings at rate of 10%, knowing that the withdrawals of the partners during the year were as follows:Partner Amount Date A 10,000 1/1B 5,000 1/7Required: 1- Prepare the P & L Distribution Schedule.44