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How to prepare a schedule to divide profit or loss

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Reference no: EM132765179

LCX, MRD, and NTJ are partners in LMN Partnership. The partnership contract stipulated that profit or loss shall be divided as follows:

  1. Salaries of P175,000 to LCX, P262,500 to MRD and P350,000 to NTJ
  2. A bonus to NTJ of 10% of profit after deduction of partners' salaries
  3. Remaining profit or loss as follows: 30% to LCX, 40% to MRD and 30% to NTJ.

Required:

Problem 1: Show how to prepare a schedule to divide profit or loss and give the entries to divide the same among the partners under each of the following assumptions:

(a) Profit for the year is P1,050,000
(b) Profit for the year is P787,500
(c) Net loss for the year is P140,000

Reference no: EM132765179

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