Rosy, Roland and Robert were partners with capital balances as at year end of P250,000; P350,000; P400,000, respectively. The partner's agreement stated that profit sharing will be based on year-end capital balances. If the net income for the year before 30% income tax amounted P280,000, how much will be the profit share of Roland
Rosy, Roland and Robert were partners with capital balances as at year end of P250,000; P350,000; P400,000, respectively. The partner's agreement stated that profit sharing will be based on year-end capital balances. If the net income for the year before 30% income tax amounted P280,000, how much will be the profit share of Roland
Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations
Section: Chapter Questions
Problem 18CE
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Rosy, Roland and Robert were partners with capital balances as at year end of P250,000; P350,000; P400,000, respectively.
The partner's agreement stated that profit sharing will be based on year-end capital balances.
If the net income for the year before 30% income tax amounted P280,000, how much will be the profit share of Roland ?
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