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Prepare the partnership statement of changes in equity

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Question - Partnership - The following are taken from the accounting records of JKL Partnership.

December 31, 20x3 December 31, 20x4

Jaimie, Capital P54,900 P64,900

Kristine, Capital 53,200 63,900

Lally, Capital 44,890 50,890

The partnership generated net income of P51,600 in 20x4. According to the partnership contract, Jaimie, Kristine and LAlly share profit and loss equally. The partnership contract allows each partner to withdraw P1000 monthly, Jamie and Kristine each contributed P5000 during the year. Lally did not make any contributions during the year.

Required -

1. Prepare the Partnership's Statement of Changes in Equity.

2. Determine if any of the partners violated the partnership contract provision on drawings.

Answer the following:

1. Which form of business organization puts the least risk on its owners?

2. Increases in owner's equity without additional investment.

3. Decreases in equity aside from withdrawals of the owners.

4. A type of business that is owned by at least 2 persons.

5. In the Statement of Changes in Equity, the company had decreases in capital wherein income is distributed to owners. Identify the kind of business.

Reference no: EM132762502

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