Question
The partial list of adjusted balances of AnJo Partnership for the year ending December 31, 2020 appeared as follows: Sales 950,000 Sales Discount 32,000 Cost
The partial list of adjusted balances of AnJo Partnership for the year ending December 31, 2020 appeared as follows:
Sales | 950,000 |
Sales Discount | 32,000 |
Cost of Sales | 487,000 |
Sales Salaries and wages Expense | 103,000 |
Office Rent Expense | 94,000 |
Taxes and licenses | 22,000 |
Store Utilities Expense | 18,000 |
Administrative Miscellaneous Expense | 14,000 |
As of January 1, 2020, Aselm has capital balance amounting P850,000 and Joachim capital worth P550,000. The two partners agreed on the following profit and loss distribution:
Interest of 10% on beginning capital balances of partners.
Salary allowances per month of P8,000 to Anselm and P5,000 to Joachim.
Bonus of 8% of net income to Joachim.
Remainder divided equally.
How much is the share of Anselm in the profit of the partnership for the year 2020? Ignore income taxes.
How much is the share of Joachim in the profit of the partnership for the year 2020? Ignore income taxes.
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