14. Santos and Gloria share profits in the ratio of 3:2. However, Santos is to receive a bonus of 20% of the profits, in addition to his profit share. The partnership made a profit for the year of P24,000 before the bonus. Assuming Santos' bonus is computed on profit after deducting said bonus, how much profit share will Gloria receive? P15,200 b. P 8,000 a. c. P 9,600 P 9,000 d.

14. Santos and Gloria share profits in the ratio of 3:2. However, Santos is to receive a bonus of 20% of the profits, in addition to his profit share. The partnership made a profit for the year of P24,000 before the bonus. Assuming Santos' bonus is computed on profit after deducting said bonus, how much profit share will Gloria receive? P15,200 b. P 8,000 a. c. P 9,600 P 9,000 d.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...

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Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at 50% each. Chris contributes $30,000 to the partnership for a 1/3 share. What amount should the partnership record as a bonus to Chris? A. $20,000 B. $15,000 C. $10.500 D. $5,000
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