A and B formed a partnership on March 1, 20x1. The partnership agreement stipulates the following: Monthly salary allowances of P10,00 for A and P6,000 for B. Salary allowances are to be withdrawn by the partners throughout the period and are to be debited to their respective drawings accounts. The partners share profits equally and losses on a 60:40 ratio. During the period the partnership earned profit of $200,000 before salary allowances. How much is the share of Partner B in the partnership profit?
A and B formed a partnership on March 1, 20x1. The partnership agreement stipulates the following: Monthly salary allowances of P10,00 for A and P6,000 for B. Salary allowances are to be withdrawn by the partners throughout the period and are to be debited to their respective drawings accounts. The partners share profits equally and losses on a 60:40 ratio. During the period the partnership earned profit of $200,000 before salary allowances. How much is the share of Partner B in the partnership profit?
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 3EA: The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have...
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Transcribed Image Text:A and B formed a partnership on March 1, 20x1. The partnership
agreement stipulates the following: Monthly salary allowances of P10,000
for A and P6,000 for B. Salary allowances are to be withdrawn by the
partners throughout the period and are to be debited to their respective
drawings accounts. The partners share profits equally and losses on a
60:40 ratio. During the period the partnership earned profit of P200,000
before salary allowances. How much is the share of Partner B in the
partnership profit?
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