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How much was the share of Beverly in the partnerships net income? How much was Rochelle's? Beverly, and Rochelle are partners in the accounting firm.
How much was the share of Beverly in the partnerships net income? How much was Rochelle's?
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: 1. Interest of 10% on the partner's capital balance; 2. Annual salaries of P120,000 each to partners 3. Partner Rochelle to receive a bonus of P50,000; 4. Net income after tax of 30% for the year amounted to P364,000Step by Step Solution
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