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How much is Tonys share in the net income of the partnership? Tony and Steve formed a partnership on January 1, 2019. Their partnership earned
How much is Tonys share in the net income of the partnership?
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 PIMI 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 23 The following are the capital transactions of the partners Tony Steve Debit Credit Debit Credit 1-Jan 600,000 700,000 120,000 1-Api 300,000 1-Jui 200,000 1.Sep 90,000 30 Sep 240,000 150,000 1-Mar 30-OctStep by Step Solution
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