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On February 1, 2020, Flores, Gilroy, and Hansen began a partnership in which Flores and Hansen contributed cash of P25,000; Gilroy contribute property with a
On February 1, 2020, Flores, Gilroy, and Hansen began a partnership in which Flores and Hansen contributed cash of P25,000; Gilroy contribute property with a fair value of P50,000 and a tax basis P40,000. Gilroy receives a 5% bonus of partnership income. Flores and Hansen receive salaries of P10,000 each. The partnership agreement of Flores, Gilroy, and Hansen provides all partners to receive a 5% interest on capital and that profits and losses be divided of the remaining income be distributed to Flores, Gilroy, and Hansen by a 1:3:1 ratio. If partnership income is P25,000, how much is the share of Gilroy
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