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How much is the share of zita in the profit

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Reference no: EM133160216

Question - On October 31, 2010, Zita and Jones formed a partnership by investing cash of P300,000 and P200,000, respectively. The partners agreed to receive an annual salary allowance of P360,000, and to give Zita a bonus of 20% of the net income after partners' salaries, the bonus being treated as an expense. If the profits after salaries and bonus are to be divided equally, and the profits on December 31, 2010 after partners' salaries but before bonus of Zita is P360,000, how much is the share of Zita in the profit?

Reference no: EM133160216

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