Reference no: EM132757256
AA, BB and CC are partners with beginning capital balances of P 100,000, P 200,000 and P 300,000, respectively. The partnership agreement provides for the following division of profits and losses: (Salaries and Interest are provided whether there is net income or net loss) (Salaries, interest, and bonus are not operating expenses but used only for profit distribution)
a. Salaries to AA, BB, and CC amounting to P 30,000, P 40,000 and P 50,000, respectively;
b. 10% interest on beginning capital balances;
c. Partner AA is to receive a bonus of 20% profit after deducting salaries, interest, and bonus;
d. Any remainder of profit is divided equally.
Problem 1: Assume that the profit after deducting salaries, interest, and bonus is P 200,000, how much is the share of each partner in the partnership profit?
a. AA
b. BB
c. CC
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