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Say, Alittle and Prayer are partners in a furniture company.Their partnership agreement provides for the following profit and loss distributions; Say, Alittle and Prayer are

Say, Alittle and Prayer are partners in a furniture company.Their partnership agreement provides for the following profit and loss distributions;

  • Say, Alittle and Prayer are to receive salaries of P40,000, P36,000, and P13,650, respectively. Say is to receive a bonus equal to 10% of income before the bonus.
  • Each partner is to receive 10% interest on the weighted average capital balance. The average capital balances of Say, Alittle and Prayer are P10,000, P7,500, and P46,000 respectively
  • Any remaining profits of losses are to be divided equally among the partners.

How much profit must the partnership earn to allow Say a share of P58,000 from said profit?

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