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Compute for the respective shares of the partnership profit

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Reference no: EM132659975

The articles of Partnership of partners A and B stipulates the following:

1. Annual salary of P60,000 each.

2. Bonus to Partner A of 20% of the profit after partners salaries, "the bonus being treated as an expense".

3. Balance divided equally.

Case: The partnership earns a profit of P480,000 before partners salaries and bonus.

Requirement:

Problem 1: Compute for the respective shares of the partnership profit.

Reference no: EM132659975

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