Partners Cantor and Dickens have capital balances in a partnership P160,000 and P240,000, respectively. They agree to
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Question:
Partners Cantor and Dickens have capital balances in a partnership P160,000 and P240,000, respectively. They agree to share profits and losses as follows:
CantorDickens
As salariesP40,000P48,000
As interest on capital at the beginning of the year 10%10%
Remaining profits or losses50%50%
If income for the year was P200,000, what will be the distribution of income to Dickens ?
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