Question
A, B, and C are partners in an accounting firm. Their capital account balances at year-end were A, P120,000; B, P140,000 and C, P80,000. They
A, B, and C are partners in an accounting firm. Their capital account balances at year-end were A, P120,000; B, P140,000 and C, P80,000. They share profits and losses on a 3:3:4, after the following special terms: 1. Partner C is to receive a bonus of 10% of net income after the bonus. 2. Interest of 10% shall be paid on that portion of a partners capital in excess of P100,000. 3. quarterly Salaries of P5,000, P5,000, and P6,000 shall be paid to partners A B & C, respectively. Assuming a net income of P66,000 for the year, the total profit share of partner C was?
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