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(Solution Download) P 15-1 Profit Allocation Day and Night formed and accounting partnership in 2008 Capital transaction


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

P 15-1Profit Allocation
Day and Night formed and

 

accounting partnership in 2008 Capital transaction for Day and

 

Night are

as follows:
DateTransactionsAmount
Day
1-JanBeginnng balance75,000
1-AprWithdrawal18,750
1-JunInvestment37,500
1-NovInvestment18,750
Night
1-JanBeginning balance37,750
1-JulInvestment18,750
1-OctWithdrawal9,375
Partnership net income for

 

the year ended December 31, 2008: is $68,400 before considering

 

salaries

or interest.
Required:
Determine the amount of

 

profit that is allocated to Day and Night in accordance with each

 

of the following

independent profit-sharing

 

agreement:

1) Day and Night failed to

 

provide a profit-sharing arrangement in the articles of partnership

 

and fail

to comprimise on an

 

agreement.

2) Net income is to be

 

allocated 60% to Day and 40% to Night.

3) Net income is to be

 

allocatd in the ration of ending capital balances

4) Net income is to be

 

allocated in the ratio average capital balances.

5) Interest of 15% is to be

 

granted on average capital balances salaries of $15,000 and

$8,250 are to be allocated to

 

Day and Night, respectively, and the remainder is to be divided

 

equally.

 

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