On April 16, 2010, JT Partnership begins its operations with the following investments: Joe-P80,000 and Tom-P40,000 According

to the Partnership agreement, all profits will be distributed as follows: 1. Joe will be allowed a monthly salary of P8,000 with P4,000 assigned to Tom. 2. The partners will be allowed with interest equal to 10% of the capital balance as of the first day of the year. 3. Joe will be allowed a bonus of 10% of the net income after bonus. 4. The remainder will be divided on the basis of the beginning capital for the first year and equally for the second year. 5. Each partner is allowed to withdraw up to P4,000 a year. Partnerships operation results in a net loss of P6,000 in 2010 and a profit of P22,000 in 2011. Each partner withdraws the maximum amount each year. Required: Prepare a statement of partners capital account for the years ending December 31, 2010 and December 31, 2011 with supporting schedule of profit distribution. On April 16, 2010, JT Partnership begins its operations with the following investments: Joe-P80,000 and Tom-P40,000 According to the Partnership agreement, all profits will be distributed as follows: 1. Joe will be allowed a monthly salary of P8,000 with P4,000 assigned to Tom. 2. The partners will be allowed with interest equal to 10% of the capital balance as of the first day of the year. 3. Joe will be allowed a bonus of 10% of the net income after bonus. 4. The remainder will be divided on the basis of the beginning capital for the first year and equally for the second year. 5. Each partner is allowed to withdraw up to P4,000 a year. Partnerships operation results in a net loss of P6,000 in 2010 and a profit of P22,000 in 2011. Each partner withdraws the maximum amount each year. Required: Prepare a statement of partners capital account for the years ending December 31, 2010 and December 31, 2011 with supporting schedule of profit distribution. On April 16, 2010, JT Partnership begins its operations with the following investments: Joe-P80,000 and Tom-P40,000 According to the Partnership agreement, all profits will be distributed as follows: 1. Joe will be allowed a monthly salary of P8,000 with P4,000 assigned to Tom. 2. The partners will be allowed with interest equal to 10% of the capital balance as of the first day of the year. 3. Joe will be allowed a bonus of 10% of the net income after bonus. 4. The remainder will be divided on the basis of the beginning capital for the first year and equally for the second year. 5. Each partner is allowed to withdraw up to P4,000 a year. Partnerships operation results in a net loss of P6,000 in 2010 and a profit of P22,000 in 2011. Each partner withdraws the maximum amount each year. Required: Prepare a statement of partners capital account for the years ending December 31, 2010 and December 31, 2011 with supporting schedule of profit distribution. On April 16, 2010, JT Partnership begins its operations with the following investments: Joe-P80,000 and Tom-P40,000 According to the Partnership agreement, all profits will be distributed as follows: 1. Joe will be allowed a monthly salary of P8,000 with P4,000 assigned to Tom. 2. The partners will be allowed with interest equal to 10% of the capital balance as of the first day of the year. 3. Joe will be allowed a bonus of 10% of the net income after bonus. 4. The remainder will be divided on the basis of the beginning capital for the first year and equally for the second year. 5. Each partner is allowed to withdraw up to P4,000 a year. Partnerships operation results in a net loss of P6,000 in 2010 and a profit of P22,000 in 2011. Each partner withdraws the maximum amount each year. Required: Prepare a statement of partners capital account for the years ending December 31, 2010 and December 31, 2011 with supporting schedule of profit distribution. On April 16, 2010, JT Partnership begins its operations with the following investments: Joe-P80,000 and Tom-P40,000 According to the Partnership agreement, all profits will be distributed as follows: 1. Joe will be allowed a monthly salary of P8,000 with P4,000 assigned to Tom. 2. The partners will be allowed with interest equal to 10% of the capital balance as of the first day of the year. 3. Joe will be allowed a bonus of 10% of the net income after bonus. 4. The remainder will be divided on the basis of the beginning capital for the first year and equally for the second year. 5. Each partner is allowed to withdraw up to P4,000 a year. Partnerships operation results in a net loss of P6,000 in 2010 and a profit of P22,000 in 2011. Each partner withdraws the maximum amount each year. Required: Prepare a statement of partners capital account for the years ending December 31, 2010 and December 31, 2011 with supporting schedule of profit distribution.