What is the share of pedro from the income

Assignment Help Accounting Basics

Reference no: EM132634199

Question - Pedro, Smith, June and Edenl own an Accounting firm that they operate as a partnership. The partnership agreement includes the following:

Pedro receives a salary of P20,000 and an bonus of 3% of income after all bonuses.

Smith receives a salary of P10,000 and a bonus of 2% of income after all bonuses.

All partners are to receive a 10% interest on their average capital balances.

The average capital balances are as follows: Pedro P50,000; Smith P45,000; June P20,000; and Eden P47,000.

Any remaining profits and losses are to be divided equally among the partners.

The partnership earned profit of P105,000 during the year.

Required -

What is the share of Pedro from the income of the partnership earned during the year?

What is the share of Smith from the income of the partnership earned during the year?

What is the share of June from the income of the partnership earned during the year?

What is the share of Eden from the income of the partnership earned during the year?

Reference no: EM132634199

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