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Question - The following Balance Sheet was taken as of Sept. 30, 2018 for the SGC Partnership:
ASSETS Cash P80,000
Other Assets 520,000
LIABILITIES & CAPITAL
Liabilities P200,000
Startna, Capital 100,000
Gamena, Capital 180,000
Correct, Capital 120,000
Articles of Co-Partnership provides for the distribution of profits as follows: 8% annual interest on capital contribution; annual salaries of P20,000 each; 20% bonus to Gamena after salaries, interest and bonus; reminder distributed 30%, 30%, and 40%, respectively. The partnership uses a fiscal period starting October 1.
If Correct receives a total profit share of P14,000, compute the total net income earned by the business before salaries, interest and bonus for the period ending March 31, 2019.
June 1, 2020, immediately after formation of the partnership. What amount should be recorded in Robert's capital account on formation of the partnership?
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