Prepare profit distribution schedule of independent

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Adanza and Antolo established a general professional partnership by investing P200,000 and P350,000, respectively.

a. Loss is P330,000 and the partners have no written partnership agreement.
b. Profit is P330,000 and the partnership agreement states that the partners share profits and losses on the basis of their capital contributions.
c. Loss is P385,000 and the partnership agreement states that the partners share profits on the basis of their capital contributions.

Required: ?

Problem (1) Prepare the profit/loss distribution schedule for each of the above independent ??assumptions.

Problem ??(2) Prepare the necessary journal entries for each of the above independent?? assumptions.

Reference no: EM132893502

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