Reference no: EM133033049
Question - Mai, Nit, Tin, and Yulo· Interest of 10% of capital be given to all partners formed a partnership. Their capital contribution for the year were P200,000, P300,000, P400,000, and P0, being Yulo as an industrial partner. Profit sharing arrangement are as follows:
Salary of P20,000 per month be given to Yulo and P5,000 per month for the rest.
Bonus of 20% of net income after interest, salary and bonus be given to Yulo.
Remainder would be distributed equally.
Required -
1. If net income for the year amounted to P600,000, how much is the bonus given to Yulo?
A. 0 B. 18,000 C. 15,000 D. 120,000
2. If net income for the year amounted to P600,000, how much is the share in the profits of Nit?
A. 0 B. 108,750 C. 118,750 d. 108,000
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