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Prepare the partnership statement of changes in equity

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Reference no: EM132764042

PartnershipThe 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:

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

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

Reference no: EM132764042

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