Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Vanessah and Marie formed a partnership on January 2, 2018 by contributing capital of Php 262, 500 and Php 37, 500, respectively. They agreed to

Vanessah and Marie formed a partnership on January 2, 2018 by contributing capital of Php 262, 500 and Php 37, 500, respectively. They agreed to share pro ts and losses 70% and 30% respectively. Marie manages the partnership and is given a salary of Php 5, 000 a month and bonus of 20% of net income before salary, interest and bonus. Interest of 5% of the beginning capital is to be given to each partner and any remainder is to be divided according to their pro t and loss ratio. For the year ended December 31, 2018, the partnership generated a net income of Php 48, 000 after salaries, interests and the bonus. How much is the amount that each partner should receive in the distribution of pro t? Vanessah Marie Php 46, 725 Php 107, 025 Php 46, 725 Php 76, 275 Php 77, 475 Php 76, 275 Php 33, 600 Php 105, 150

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial and Managerial Accounting

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

12th edition

978-1133952428, 1285078578, 1133952429, 978-1285078571

Students also viewed these Accounting questions