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8. CC, PP, and AA, accountants, agree to form a partnership and to share profits in the ratio of 5:3:2. They also agreed that AA is to be allowed a salary of P28,000, and that PP is to be guaranteed P21,000 as his share of the profits. During the first year of operation, income from fees are P180,000, while expenses total P96,000. What amount of net income should be credited to each partner's capital account? a. cC, P28,000, PP, P16,800, AA, P11,200 O b. CC, P25,000, PP, P21,000, AA, P38,000 O c. CC, P24,000, PP, P22,000, AA, P38,000 O d. cC, P25,000, PP, P21,000, AA, P39,000

8. CC, PP, and AA, accountants, agree to form a partnership and to share profits in the ratio of 5:3:2. They also agreed that AA is to be allowed a salary of P28,000, and that PP is to be guaranteed P21,000 as his share of the profits. During the first year of operation, income from fees are P180,000, while expenses total P96,000. What amount of net income should be credited to each partner's capital account? a. cC, P28,000, PP, P16,800, AA, P11,200 O b. CC, P25,000, PP, P21,000, AA, P38,000 O c. CC, P24,000, PP, P22,000, AA, P38,000 O d. cC, P25,000, PP, P21,000, AA, P39,000

SWFT Corp Partner Estates Trusts
SWFT Corp Partner Estates Trusts
42nd Edition
ISBN:9780357161548
Author:Raabe
Publisher:Raabe
Chapter10: Partnerships: Formation, Operation, And Basis
Section: Chapter Questions
Problem 2BCRQ
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8. CC, PP, and AA, accountants, agree to form a partnership and to share profits in the ratio of 5:3:2. They also agreed that AA is to be allowed a salary of P28,000, and that PP is to be guaranteed P21,000 as his share of the profits. During the first year of operation, income from fees are P180,000, while expenses total P96,000. What amount of net income should be credited to each partner's capital account? * O a. cC, P28,000, PP, P16,800, AA, P11,200 O b. CC, P25,000, PP, P21,000, AA, P38,000 O c. CC, P24,000, PP, P22,000, AA, P38,000 O d. CC, P25,000, PP, P21,000, AA, P39,000
Transcribed Image Text:8. CC, PP, and AA, accountants, agree to form a partnership and to share profits in the ratio of 5:3:2. They also agreed that AA is to be allowed a salary of P28,000, and that PP is to be guaranteed P21,000 as his share of the profits. During the first year of operation, income from fees are P180,000, while expenses total P96,000. What amount of net income should be credited to each partner's capital account? * O a. cC, P28,000, PP, P16,800, AA, P11,200 O b. CC, P25,000, PP, P21,000, AA, P38,000 O c. CC, P24,000, PP, P22,000, AA, P38,000 O d. CC, P25,000, PP, P21,000, AA, P39,000
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