Reference no: EM132859855
Question - The partnership agreement of Escano, Garcia and Sabater provided that profits are to be divided as follows: Escano is to receive a salary allowance of P100,000 for managing the business. Partners are to receive 10% interest on average capital balances. Remaining profits are to be divided in the ratio of 30:30:40 to Escano, Garcia and Sabater, respectively. Escano had a capital balance of P600,000 at Jan. 1, 2008 and had drawings of P80,000 during the year. Garcia's capital balance on Jan. 1, 2008 was P900,000 and invested an additional P300,000 on Sept. 1, 2008. Sabater's beginning capital balance was P1,100,000, and she withdrew P100,000 on July 1 but invested an additional P200,000 on Oct. 1, 2008.
The partnership had a loss of P120,000 during the year. The bookkeeper allocated the Joss as follows: P2,000 to Escano; P(48,000) to Garcia and P(74,000) to Sabater.
Required -
1. Prepare the schedule to allocate the P120,000 loss correctly.
2. Prepare the statement of changes in partners' equity.
3. Prepare the correcting journal entry at Dec. 31, 2008 assuming that the books have been closed.
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