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Beverly and Rochelle are partners in the accounting firm. Their capital account balances were: Beverly, P290,000; and Rochelle, P210,000. They share profits and losses in
Beverly and Rochelle are partners in the accounting firm. Their capital account balances were: Beverly, P290,000; and Rochelle, P210,000. They share profits and losses in a 3:2 ratio, after the following agreement: Interest of 10% on the partners capital balance; Annual salaries of P120,000 each to partners Partner Rochelle to receive a bonus of P50,000; Net income after tax of 30% for the year amounted to P364,000. How much was the share of Beverly in the partnerships net income?
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