Reference no: EM132965252
Question - The following Balance Sheet was taken as of Sept. 30, 2018 for the SGC Partnership:
ASSETS LIABILITIES & CAPITAL
Cash P80,000 Liabilities P200,000
Other Assets 520,000 Startna, Capital 100,000
Gamena, Capital 180,000
Correct, Capital 120,000
P600,000 P600,000
Articles of Co-Partnership provides for the distribution of profits as follows: 6% annual interest on capital contribution; annual salaries of P20,000 each; 10% bonus to Gamena after salaries, interest and bonus; reminder distributed 40%, 40%, and 20%, respectively. The partnership uses a fiscal period starting October 1.
If Correct receives a total profit share of P14,000, compute the total net income earned by the business before salaries, interest and bonus for the period ending March 31, 2019.
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