17. The partnership agreement of Carlos, Niza, and Usop provided for the following terms on distribution of profits and losses: • Carlos is to receive 10% of the profit up to P1,000,000 and 20% on the amount of excess; • Niza and Usop each, are to receive 5% of the remaining profit in excess of P1,500,000 after Carlos' share as per above; The balance to be divided equally. For the year just ended, the partnership realized a profit of P2,500,000 before distribution to partners. The share of Carlos is a. P1,080,000 b. P1,000,000 c. P1,300,000 d. P1,100,000

17. The partnership agreement of Carlos, Niza, and Usop provided for the following terms on distribution of profits and losses: • Carlos is to receive 10% of the profit up to P1,000,000 and 20% on the amount of excess; • Niza and Usop each, are to receive 5% of the remaining profit in excess of P1,500,000 after Carlos' share as per above; The balance to be divided equally. For the year just ended, the partnership realized a profit of P2,500,000 before distribution to partners. The share of Carlos is a. P1,080,000 b. P1,000,000 c. P1,300,000 d. P1,100,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1PB: The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a...

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