30. The Grey and Redd Partnership was formed on January 2, 2021. Under the partnership agreement, each partner has an equal initial capital balance. Partnership net income or loss is allocated 60% to Grey and 40% to Redd. To form the Partnership, Grey originally contributed assets Costing Pa0,000 with fair value of P60,000 on January 2,, 2021, and Redd contributed P20,000 cash. Drawings by the parties during 2021 totaled P3,000 by Grey and P9,000 by Redd. The Partnership net Income in 2021 was P25,000.What is the amount of bonus? * a. P20,000 bonus to Grey

30. The Grey and Redd Partnership was formed on January 2, 2021. Under the partnership agreement, each partner has an equal initial capital balance. Partnership net income or loss is allocated 60% to Grey and 40% to Redd. To form the Partnership, Grey originally contributed assets Costing Pa0,000 with fair value of P60,000 on January 2,, 2021, and Redd contributed P20,000 cash. Drawings by the parties during 2021 totaled P3,000 by Grey and P9,000 by Redd. The Partnership net Income in 2021 was P25,000.What is the amount of bonus? * a. P20,000 bonus to Grey

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 57P

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