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How much is the bonus given to X under each cases

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Problem - The partnership agreement of X, Y, and Z stipulates the following:

a. Partners Y and Z shall receive annual salaries of P23,000 and P12,000, respectively.

b. A bonus of 15% of profit after salaries but before deduction of bonus shall be given to Partner X, the managing partner.

c. Each partner shall receive 11% interest on average capital investments.

d. Any remaining profit or loss shall be shared as follows: 30% to X, and 35% each to Y and Z.

The average capital investments of the partners during the year are as follows: X - P125,000; Y - P78,000; and Z - P101,000.

Case # 1: The partnership earns profit of P125,000.

Case # 2: The partnership earns profit of P9,000.

Case # 3: The partnership incurs a loss of P19,000.

Required -

1. How much is X, Y, Z's share in the profit/loss under Case #1? Case #2? Case #3?

2. How much is the bonus given to X under each cases? (Case #1, Case #2, Case #3

3. How much is X, Y, Z's interest on the average capital under Case #1, Case #2, Case #3, respectively?

Reference no: EM132840242

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