Question 4 of 23 Sycip. Gorres and Velayo CPAs agreed to form a partnership and to share profits in the ratio 5:3:2. They also agreed that Velayo us to be allowed a salary of P14,000 and that Gorres is to be guaranteed P10,500 as his share of the profits. During the first year of operations, income from fees are P90,000, while expenses total P48,000. What amount of net income should be credited to each partners' capital account? A) Sycip P12,500, Gorres P10,500, Velayo P19,000 B) Sycip P12,500, Gorres P10,500, Velayo P19,500 C) Sycip P12,000, Gorres P11,000, Velayo P19,000 D) Sycip P14,000, Gorres P8,400, Velayo P5,600 Next >