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Compute the total profit share of Simon

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Question - Peter, Paul, and Simon are partners in an accounting firm. Their ending capital account balances were: Peter, P135,000; Paul, P165,000; and Simon, P75,000. They share profits and losses in a 2:2:1 ratio, after the following special terms:

Partner Simon is to receive a bonus of 10% of the profit after bonus.

Interest of 10% shall be paid on that portion of the partner's capital in excess of P150,000.

Salaries of P15,000 and P18,000 shall be paid to partners Peter and Simon.

Required - If the profits of P66,000 in 2018, compute the total profit share of Simon?

Reference no: EM132556114

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