AB partnership has net income of P61,000 for the year. A contributed P90,000 and B contributed P60,000. The partners agree to share profit and losses as follows: • Salary allowance of P15,000 and P30,000 of A and B, respectively • Interest of 10% based on average capital • Bonus of 10% to A based on net income after salary and interest • Balance equally How much is the share of A? 24,550 33,450 30,100

AB partnership has net income of P61,000 for the year. A contributed P90,000 and B contributed P60,000. The partners agree to share profit and losses as follows: • Salary allowance of P15,000 and P30,000 of A and B, respectively • Interest of 10% based on average capital • Bonus of 10% to A based on net income after salary and interest • Balance equally How much is the share of A? 24,550 33,450 30,100

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 2EA: The partnership of Chase and Chloe shares profits and losses in a 70:30 ratio respectively after...

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