17. Beth, Luz and Ana divide profit and loss in the ratio of 2:1:1 respectively, after giving a monthly salary of P10,000 to each partner and bonus of 20% to Beth. Determine the share of each partner and record the distribution on the following independent situations: a) Net income earned was P480,000 and bonus is based on net income before salaries and bonus. b) Net income earned was P480,000 and bonus is based on net income after salaries and bonus. c) Net loss for the year was P480,000 and bonus based on net income before salaries and bonus.
17. Beth, Luz and Ana divide profit and loss in the ratio of 2:1:1 respectively, after giving a monthly salary of P10,000 to each partner and bonus of 20% to Beth. Determine the share of each partner and record the distribution on the following independent situations: a) Net income earned was P480,000 and bonus is based on net income before salaries and bonus. b) Net income earned was P480,000 and bonus is based on net income after salaries and bonus. c) Net loss for the year was P480,000 and bonus based on net income before salaries and bonus.
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...
Related questions
Question
17. Beth, Luz and Ana divide
(see attached image, kindly asnwer it based on you knowledge, thank you!!)
a) Net income earned was P480,000 and bonus is based on net income before salaries and bonus.
b) Net income earned was P480,000 and bonus is based on net income after salaries and bonus.
c) Net loss for the year was P480,000 and bonus based on net income before salaries and bonus
Transcribed Image Text:17. Beth, Luz and Ana divide profit and loss in the ratio of 2:1:1 respectively, after giving a
monthly salary of P10,000 to each partner and bonus of 20% to Beth. Determine the share
of each partner and record the distribution on the following independent situations:
a) Net income earned was P480,000 and bonus is based on net income before salaries
and bonus.
b) Net income earned was P480,000 and bonus is based on net income after salaries and bonus.
c) Net loss for the year was P480,000 and bonus based on net income before salaries and bonus.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,