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PARTNERSHIP

OPERATIONS
Essentially the same as the operations of a
sole proprietorship

Wealth is not what you have but what you are
Purchase of merchandise
Purchases xxx
Accounts payable xxx
Sale of merchandise
Accounts receivable xxx
Sales xxx
Payment of payables
Accounts payable xxx
Cash xxx
Collection of receivables
Cash xxx
Accounts receivable xxx
Expenses incurred
Expenses xxx
Expenses payable/Cash xxx

The following is the list of income and expense accounts of JJJ Partnerships as
of year end December 31, 2011.
Freght in 7,500
Merchandise, Jan. 1 50,000
Purchase discount 8,000
Purchases 300,000
Rent expense 10,000
Sales 800,000
Sales discount 12,000
Salaries & wages 90,000
Sales returns &
Allowances 4,500


Supplies expense 9,500
Taxes and licenses
Expense 15,000
Utilities expense 60,000

Additional Information
Merchandise inventory,
Dec. 31 26,500
Close all the nominal accounts of JJJ Partnership and compute the balance of
the Income Summary Account.
1. Close revenue accounts

Sales 800,000
Sales discount 12,000
Sales returns and allowances 4,500
Income summary 783,500
2. Close cost of sales account

Income summary 349,500
Purchase discount 8,000
Purchases 300,000
Freight in 7,500
Merchandise inventory, Jan. 1 50,000

3Close the operating expenses account
Income summary 184,500
Rent expense 10,000
Salaries and wages 90,000
Supplies expenses 9,500
Taxes and license expense 15,000
Utilities expense 60,000
.
Set up merchandise inventory, end

Merchandise inventory, Dec. 31 26,500
Income summary 26,500
INCOME SUMMARY

783,500
349,500 26,500
184,500 _______
534,000 810,000
Bal. 276,000

Income summary 276,000
James, drawing 92,000
John, drawing 92,000
Jude, drawing 92,000

James, drawing 92,000
John, drawing 92,000
Jude, drawing 92,000
James, capital 92,000
John, capital 92,000
Jude, capital 92,000
DISTRIBUTION OF
PROFITS
RULES ON DISTRIBUTION OF
PROFITS
CAPITALIST PARTNERS
DIVISION OF PROFITS
IN ACCORDANCE WITH THE AGREEMENT
IN THE ABSENCE OF AN AGREEMENT, ACCORDING TO
ORIGINAL CONTRIBUTION
DIVISION OF LOSSES
IN ACCORDANCE WITH THE AGREEMENT
IF THE AGREEMENT IS ONLY ON DIVISION OF PROFITS, THE
DIVISION OF LOSSES IS THE SAME WITH THE AGREEMENT
ON THE DIVISION OF PROFITS
IN THE ABSENCE OF ANY AGREEMENT, ACCORDING TO
ORIGINAL CONTRIBUTION


INDUSTRIAL PARTNERS

DIVISION OF PROFITS
IN ACCORDANCE WITH THE AGREEMENT
IN THE ABSENCE OF AN AGREEMENT,
A JUST AND EQUITABLE SHARE OF THE PROFITS
OTHER CAPITALIST PARTNERS WILL RECEIVE PROFITS
ACCORDING TO THEIR ORIGINAL CONTRIBUTION



CAPITALIST - INDUSTRIAL PARTNERS

DIVISION OF PROFITS
IN ACCORDANCE WITH THE AGREEMENT
IN THE ABSENCE OF AN AGREEMENT,
AS AN INDUSTRIAL PARTNER - A JUST AND EQUITABLE SHARE
OF THE PROFITS
AS A CAPITALIST PARTNER, TOGETHER WITH THE OTHER
CAPITALIST PARTNERS, WILL RECEIVE PROFITS ACCORDING TO
ORIGINAL CONTRIBUTION TOGETHER WITH THE OTHER
CAPITALIST PARTNERS



CAPITALIST - INDUSTRIAL PARTNERS

DIVISION OF LOSSES
IN ACCORDANCE WITH THE AGREEMENT
IN THE ABSENCE OF AN AGREEMENT,
AS AN INDUSTRIAL PARTNER, SHALL HAVE NO SHARE IN THE
LOSSES
AS A CAPITALIST PARTNER WILL SHARE IN THE LOSSES
ACCORDING TO ORIGINAL CONTRIBUTION TOGETHER WITH THE
OTHER CAPITALIST PARTNERS


Net income is P400,000.
Maria, capital

Jan. 1 200,000
Mar. 1 50,000 Aug. 31 100,000
Oct.1 20,000 Dec. 1 150,000
70,000 450,000
Bal. 380,000
Martha, capital

Jan. 1 400,000
Feb. 1 10,000 May 31 50,000
July1 30,000 Nov. 1 100,000
40,000 550,000
Bal. 510,000
No Agreement



MARIA MARTHA TOTAL
Original contrihution 133,333.33 266,666.67 400,000.00
133,333.33 266,666.67 400,000.00
Income Summary 400,000.00
Maria, drawing 133,333.00
Martha, drawing 266,667.00
To distribute the net income between
partners Maria and Martha
Beginning balance



MARIA MARTHA TOTAL
200/600/ ; 400/600 133,333.33 266,666.67 400,000.00
133,333.33 266,666.67 400,000.00
Income Summary 400,000.00
Maria, drawing 133,333.00
Martha, drawing 266,667.00
To distribute the net income between
partners Maria and Martha
Ending balance




MARIA MARTHA TOTAL
380/890; 510/890 170,786.52 229,213.48 400,000.00
170,786.52 229,213.48 400,000.00
Income Summary 400,000.00
Maria, drawing 170,786.52
Martha, drawing 229,213.48
To distribute the net income between
partners Maria and Martha
Simple Average balamces



MARIA MARTHA TOTAL
Beginning balances 200,000 400,000 600,000
Ending Balances 380,000 510,000 890,000
Total 580,000 910,000 1,490,000
Divided by 2 2 2
Average capital balances 290,000 455,000 745,000
290/745 ; 455/745 155,705 244,295 400,000
Income Summary 400,000
Maria, drawing 155,705
Martha, drawing 244,295
To distribute the net income between
partners Maria and Martha
Weighted Average Balance




NO. OFPESO NO. OF PESO
MARIA MOS. MOS MARTHA MOS. MOS
1-Jan 200,000 2 400,000 Jan. 1 400,000 1 400,000
1-Mar 150,000 6 900,000 Feb. 1 390,000 4 1,560,000
Aug. 31 250,000 1 250,000 May 31 440,000 1 440,000
Oct. 1 230,000 2 460,000 July 1 410,000 4 1,640,000
Dec. 1 400,000 1 400,000 Nov. 1 510,000 2 1,020,000
12 2,410,000 5,060,000
/ 12 / 12
Average capital 200,833 421,667
MARIA MARTHA TOTAL
200,833/622,500 129,049 129,049
421667/622500 270,951 270,951
129,049 270,951 400,000
Martin and Isidore




MARTIN ISIDORE TOTAL
CAPITAL BALANCES P 1,000,000.00 P 500,000.00 P 1,500,000.00
2/3 ; 1/3 133,333.33 66,666.67 200,000.00
Income summary 200,000.00
Martin, drawing 133,333.00
Isidore, drawing 66,666.67
Martin and Isidore




MARTIN ISIDORE TOTAL
CAPITAL BALANCES P 1,000,000.00 P 500,000.00 P 1,500,000.00
2/3 ; 1/3 133,333.33 66,666.67 200,000.00
Income summary 200,000.00
Martin, drawing 133,333.00
Isidore, drawing 66,666.67
Martin and Isidore




MARTIN ISIDORE TOTAL
CAPIAL BALANCES P 1,000,000.00 P 500,000.00 P 1,500,000.00
Interest - 5% 50,000.00 25,000.00 75,000.00
Balance, equally 62,500.00 62,500.00 125,000.00
Total 112,500.00 87,500.00 200,000.00
Income summary 200,000.00
Martin, drawing 112,500.00
Isidore, drawing 87,500.00
Martin and Isidore




MARTIN ISIDORE TOTAL
CAPIAL BALANCES P 1,000,000.00 P 500,000.00 P 1,500,000.00
Salaries 60,000.00 72,000.00 132,000.00
Interest - 5% 50,000.00 25,000.00 75,000.00
Balance, 2:1 (4,666.67) (2,333.33) (7,000.00)
105,333.33 94,666.67 200,000.00
Income summary 200,000.00
Martin, drawing 105,333.33
Isidore, drawing 94,666.67
Martin and Isidore




MARTIN ISIDORE TOTAL
CAPIAL BALANCES P 1,000,000.00 P 500,000.00 P 1,500,000.00
Loss- P50,000 (33,333.33) (16,666.67) (50,000.00)
Martin, drawing 33,333.33
Isidore, drawing 16,666.67
Income summary 50,000.00
Martin and Isidore




MARTIN ISIDORE TOTAL
CAPIAL BALANCES P 1,000,000.00 P 500,000.00 P 1,500,000.00
Loss- P50,000 (33,333.33) (16,666.67) (50,000.00)
Martin, drawing 33,333.33
Isidore, drawing 16,666.67
Income summary 50,000.00
Martin and Isidore




MARTIN ISIDORE TOTAL
CAPIAL BALANCES P 1,000,000.00 P 500,000.00 P 1,500,000.00
Interest - 10% 100,000.00 50,000.00 150,000.00
Balance, equally (100,000.00) (100,000.00) (200,000.00)
0.00 (50,000.00) (50,000.00)
Isidore, drawing 50,000.00
Income summary 50,000.00
Martin and Isidore




MARTIN ISIDORE TOTAL
CAPIAL BALANCES P 1,000,000.00 P 500,000.00 P 1,500,000.00
Salaries 120,000.00 144,000.00 264,000.00
Interest - 10% 100,000.00 50,000.00 150,000.00
Balance, equally (309,333.33) (154,666.67) (464,000.00)
(89,333.33) 39,333.33 (50,000.00)
Martin, drawing 89,333.33
Isidore, drawing 39,333.33
Income summary 50,000.00
1.
MEC PARTNERSHIP
Statement of Financial Position
June 30, 2012
ASSETS LIABILITIES &PARTNERS' EQUITY
Cash P 175,000 Liabilities P 108,000
Other assets 495,000 Margaret, capital 250,000
Elizabeth, capital 200,000
Cecilia, capital 112,000
Toal P 670,000 Total P 670,000
1. Interest on ending capital of 10%.
2. Annual salaries of P120,000 each to Elizabeth and Decilia
3.. Remainder: Margaret 40%; Elizabeth 30% and Cecilia 30%
MARGARET ELIZABETH CECILIA TOTAL
Interest - 10% 12,500 10,000 5,600 28,100
Annual salaries 60,000 60,000 120,000
Remainder 40,760 30,570 30,570 101,900
53,260 100,570 96,170 250,000
Income Summary 250,000
Margaret, drawing 53,260
Elizabeth, drawing 100,570
Cecilia, drawing 96,170
Distribution of profits

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