Solution in Good Accounting Form

8. How much is Tony's share in the net income of the partnership? * 1 Tony and Steve formed a partnership on January 1, 2019. Their partnership earned a net income of 1,800,000 for the year ended 2019. The following stipulations are found in their articles of partnership: Tony is the receive a monthly salary of P25,000 as compensation for his managing duties in the partnership Steve is the receive an annual salary of P180,000 from the partnership Bonus of 15% is granted to Tony if the partnership income exceeds P1,000,000 (Bonus is computed based on the excess from PIM Each partner is to receive an interest of 10% based on their weighted average capital balances. The remaining balance is divided accordingly to Tony and Steve in the ratio of 2:3 The following are the capital transactions of the partners: Tony Steve Credit Debit Credit 1-Jan 600,000 700,000 1-Mar 120,000 1-Apr 300,000 1-Jul 200,000 1-Sep 90,000 30-Sep 240,000 30-Oct 150,000 Debit