True or False

Mr. Bulldozer, the managing partner in ABC Co. is entitled to a 20% bonus on profit after salaries but before bonus. ABC Co. reported profit of P360 before deductions for salaries and bonus. Salaries of partners amount to P160. Mr. Bulldozer's bonus is P50. 10. Ms. Suello is entitled to 10% interest on the weighted average balance of her capital account. Ms. Suello's capital had a balance of P160 on Jan. 1. Ms. Suello invested additional P100 on July 1 and withdrew P40 on Sept. 30. The interest on Ms. Suello's capital is P20