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On January 1, 2019, MARIA, MARA, MARIZ, and MARLA formed 4M Trading Co., a partnership with capital contributions as follows : MARIA, P50,000; MARA, 25,000;
On January 1, 2019, MARIA, MARA, MARIZ, and MARLA formed 4M Trading Co., a partnership with capital contributions as follows : MARIA, P50,000; MARA, 25,000; MARIZ, P25,000; and MARLA, P20,000. The partnership contract provided that each partner shall receive a 5% interest on contributed capital, and that MARIA and MARA shall receive salaries of P5,000 and P3,000, respectively. The contract also provided that MARIZ shall receive a minimum of P2,500 per annum, and MARLA a minimum of P6,000 per annum, which is inclusive of amounts representing interest and share of remaining profits. The balance of the profits shall be distributed to MARIA, MARA, MARIZ and MARLA in 3:3:2:2 ratio.
What amount must be earned by the partnership, before any charge for interest and salaries, so that MARIA may receive an aggregate of P12,500 including interest,, salary and share of profits?
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