Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Presented by: Mr. Francis H. Villamin DLSU Lesson 4 January 30, 2012
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30,000
30,000
30,000
10
5,000 30,000
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30,000
13
60,000 80,000 140,000 (68,000) (102,000) (170,000) -------------------------( 8,000) (22,000) (30,000) ===== ====== =====
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Mark, Drawing 15,000 Spencer, Drawing 15,000 Income and Expense Summary
Note: No profit, no bonus.
30,000
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30,000
30,000 70,000 100,000 50,000 50,000 100,000 (92,000) (138,000) (230,000) -------------------------(12,000) (18,000) (30,000) ===== ====== =====
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40,000
10,000 30,000
30,000 70,000 100,000 40,000 50,000 90,000 (110,000) (110,000) (220,000) --------------------------(40,000) 10,000 (30,000) ===== ====== =====
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21
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30,000 50,000 80,000 140,000 (15,000) (30,000) -------------------95,000 160,000 ====== =====
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Journal Entry:
Income and Expense Summary 160,000 Mark, Drawing 65,000 Spencer, Drawing 95,000
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26
27
Stein
10,000 20,000 12,500 --------42,500 =====
Total
25,000 30,000 25,000 --------80,000 =====
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Journal Entry:
Income and Expense Summary 80,000 Philip, Drawing 37,500 Stein, Drawing 42,500
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Net profit before salaries and interest P80,000 Salaries (25,000) Interest (30,000) ----------Net profit after salaries and interest P25,000 =====
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Stein
Total
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Journal Entry:
Income and Expense Summary 25,000 Philip, Drawing 12,500 Stein, Drawing 12,500
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The net income of FV partnership for the year ended December 31, 2009 is P117,500. The profit and loss sharing agreement provides that F, the managing partner is allowed a bonus of 25% of the net income. Income tax is 30%.
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Assume that the partnership is not subject to income tax and the bonus is based on net income before bonus. Computation:
Net income before bonus Bonus (25% of P117,500) Net income after bonus 100% 25% -----75% === P117,500 29,375 ----------P 88,125 ======
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Assume that the partnership is not subject to income tax and the bonus is based on net income after bonus.
Computation: Net income before bonus 125% Bonus (25% of P94,000 ) 25% -----Net income after bonus 100% ===
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Assume that the partnership is subject to income tax and the bonus is based on net income after tax before bonus. Computation:
Net income before bonus and tax Income tax 100% 30% -----Net income after tax 70% === Bonus (25% x P82,250) = P20,562.50 ======= P117,500 35,250 ----------P 82,250 ======
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Assume that the partnership is subject to income tax and the bonus is based on net income after bonus and tax.
Computation: Net income before bonus and tax Bonus (25% x 70%) Net income after bonus before tax Income tax Net income after bonus and tax 117.5% 17.5% --------100% 30% -------70% ==== P117,500 17,500 ----------100,000 30,000 ----------P 70,000 ======
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The capital accounts of Philip and Stein on December 31, 2009 were P100,000 and P200,000 respectively. They divide profits and losses as follows: 1. 6% interest on beginning capital. 2. Salaries: Philip, P14,400; Stein, P15,400 3. Stein, the managing partner is allowed a bonus of 10% of the net profit. 4. Remainder, equally. The net profit on December 31, 2009 before interest, salaries and bonus was P50,000.
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profit before interest, salaries and bonus (bonus is treated as distribution of profit).
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Stein
Total
18,000 29,800 5,000 (2,800) --------50,000 =====
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profit after interest and salaries but before bonus (interest and salaries are treated as expenses but bonus is treated as distribution of profit).
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Stein
Total
12,000 18,000 15,400 29,800 220 220 990 1,980 --------- --------28,610 50,000 ===== =====
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profit after interest, salaries and bonus (bonus, interest and salaries are treated as expenses).
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Stein
Total
12,000 18,000 15,400 29,800 200 220 1,000 2,000 --------- --------28,600 50,000 ===== =====
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===
===
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