Question
In the full calendar year 2011 of CD partnership, they operated with the following profit and loss agreement: Monthly salaries P15,000 to C, and annual
In the full calendar year 2011 of CD partnership, they operated with the following profit and loss agreement:
- Monthly salaries P15,000 to C, and annual salary of P225,000 to D
- Interest is allowed to both partners based on 5% of the simple average of their respective capital
- Bonus is allowed to D for 5% of net income after salaries, interests, and bonus
- Remainder is shared by the partners 2:1 for C and D, respectively.
Net income for the year 2011 amounted to P400,500. Capital balances of the partners on December 31, 2011 amounted to P250,000 and P280,000 for C and D, respectively. Capital balances of the partners on December 31, 2010 amounted to P150,000 and P220,000 for C and D, respectively.
- How much was bonus allowed to D?
- How much did C withdraw from the partnership during the year?
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Ethical Perspective Of The Financial Systems Audit Management Theoretical Construct On Financial Systems Audit Management In Venezuelan Public Banks
Authors: Liz Yheira DomÃnguez Camejo
1st Edition
6204682652, 978-6204682655
