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Profit sharing

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA MA – FIA FMA › Profit sharing

  • This topic has 2 replies, 3 voices, and was last updated 4 years ago by GSPGWAMS.
Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • March 19, 2021 at 5:33 am #614714
    marvinfandialan
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    A, B and C formed a partnership, it’s on calendar year basis. the profit-sharing arrangements are as follows: until june 30, 2016, the annual salaries are provided as follows: B, p40,000 and C, p20,000. the residual profit will be shared in the ratio of 6:2:2. from july 1, 2016, salaries will be discontinued and the profit to be divided in the revised ratio of 5:3:2. profit for the year ended december 31, 2016 was p400,000 before charging partners’ salaries, accruing evenly throughout the year, and after charging an expense for p40,000, which was agreed related wholly to the first six months of the year. how should the profit for the year be divided among the partners? Need a little help here I’m struggling and confused about my answer

    March 19, 2021 at 8:59 am #614735
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54699
    • ☆☆☆☆☆

    Partnership accounting is nothing to do with management accounting (Paper MA) and has never been in the syllabus for Paper MA.

    It used to be in the syllabus for Paper FA (financial accounting) but was removed many years ago. It is no longer in the syllabus for any of the ACCA exams.

    March 24, 2021 at 1:34 pm #615122
    GSPGWAMS
    Member
    • Topics: 0
    • Replies: 1
    • ☆

    John Moffat wrote:Partnership accounting is nothing to do with management accounting (Paper MA) and has never been in the syllabus for Paper MA.

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Viewing 3 posts - 1 through 3 (of 3 total)
  • The topic ‘Profit sharing’ is closed to new replies.

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