Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A, B, and C are partners in X Partnership. A and B are capitalist partners, with capital contributions of P12,000 and P6,000, respectively. C is

A, B, and C are partners in X Partnership. A and B are capitalist partners, with capital contributions of P12,000 and P6,000, respectively. C is an industrial partner. Determine each of the partner's share in profit or loss in the following cases:

(Assume just and equitable compensation of P10,000, as necessary)

1. Profit and Loss Agreement : A - 50%; B - 0%; C - 50%;; Net Income of P20,000. 2. Profit and Loss Agreement : A - 50%; B - 30%; C - 20%; Net Loss of P20,000. 3. Without Profit and Loss Agreement. Net Loss of P10,000. 4. Without Profit and Loss Agreement. Net Income of P20,000.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials of Business Law

Authors: Anthony Liuzzo

9th edition

007802319X, 978-0078023194

More Books

Students also viewed these Law questions