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How much is Tony's share in the net income of the partnership? Tony and Steve formed a partnership on January 1, 2019. Their partnership earned

How much is Tony's share in the net income of the partnership?

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Tony and Steve formed a partnership on January 1, 2019. Their partnership earned a net income of 1,800,000 for the year ended 2019. The following stipulations are found in their articles of partnership: Tony is the receive a monthly salary of P25,000 as compensation for his managing duties in the partnership Steve is the receive an annual salary of P180,000 from the partnership Bonus of 15% is granted to Tony if the partnership income exceeds P1,000,000 (Bonus is computed based on the excess from P1M) Each partner is to receive an interest of 10% based on their weighted average capital balances. The remaining balance is divided accordingly to Tony and Steve in the ratio of 2:3 The following are the capital transactions of the partners: Tony Steve Debit Credit Debit Credit l-Jm 600,000 700,000 l-Ma: 120,(DO l-Apr 303,000 I-Jul 200,000 1-Sep 90,00) 308ep 240,00) 30-Oct 150,(IJO

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