Reference no: EM132961215
Question - On July 1, 20x20, D and J formed DJ Partnership with initial investment of P1,000,000 and P2,000,000, respectively. D is appointed as the managing partner. The articles of co-partnership provide that profit or loss shall be distributed accordingly:
30% interest on original capital contribution ratio.
Monthly salary of P20,000 and P10,000 respectively for D and J.
D shall be entitled to bonus equivalent to 20% of net income after interest, salary bonus.
The remainder shall be distributed in ratio of 3:2 for D and J respectively.
For the year ended December 31, 20x20, the partnership reported net income of P750,000.
-What is the share in net income of D for the year ended December 31, 20x20?
-Using the same data, what is the share in net income of J assuming the bonus is equivalent to 20% of net income after interest and salary but before bonus for the year ended December 31, 20x20?
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