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Problem 3 - Alpha, Bravo and Charlie are partners with average capital balances during 20x5 of P360,000. P180,000 and P120,000, respectively. Partners receive 10% interest
Problem 3 - Alpha, Bravo and Charlie are partners with average capital balances during 20x5 of P360,000. P180,000 and P120,000, respectively. Partners receive 10% interest on their average capital balances. After deducting salaries of P90,000 to Alpha and P60,000 to Charlie the residual profit or loss is dived equally. In 20x5 the partnership sustained a P99,000 loss before interest and salaries to partners. Required: Compute the distribution of loss to each partner by preparing a schedule of distribution. Show all computations in good form
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