Question
Peter, Paul, and Simon are partners in an accounting firm. Their ending capital account balances were: Peter, P135,000; Paul, P165,000; and Simon, P75,000. They share
Peter, Paul, and Simon are partners in an accounting firm. Their ending capital account balances were: Peter, P135,000; Paul, P165,000; and Simon, P75,000. They share profits and losses in a 2:2:1 ratio, after the following special terms:
Partner Simon is to receive a bonus of 10% of the profit after bonus.
Interest of 10% shall be paid on that portion of the partner's capital in excess of P150,000.
Salaries of P15,000 and P18,000 shall be paid to partners Peter and Simon
If the profits of P66,000 in 2018, the total profit share of Simon would be?
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