Question
Charize, Beatrice and Janice are partners with beginning capital balances of P340,000, P280,000 and P400,000 respectively. The three partners agreed to receive 12% interest on
Charize, Beatrice and Janice are partners with beginning capital balances of P340,000, P280,000 and P400,000 respectively. The three partners agreed to receive 12% interest on their beginning capital balances. Charize, Beatrice and Janice will be given monthly salaries of P 10,000, P5,000 and P8,000 respectively. Charize the managing partner is given 30% bonus on net income after deducting salaries distributed to partners. Residual profit and loss is to be distributed among the three partners in the ratio of 2:4:4 respectively. The partnership earned a net income of P 410,200.( Ignore Income Tax)
1. What is the total share of Beatruz in the partnership net income?
2. What is the total share of Janice in the partnership net income?
3. What is the total share of Charize in the partnership net income?
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