Anna and Ben formed a partnership with investments of P1,000,000 and P500,000, respectively. Net income is P210,000. The partners agreed on the following: . 10% interest on original investments . Anna's salary allowance of 120,000 and Ben's salary allowance of P144,000 . Balance 1:2 between Anna and Ben, respectively How much is Anna's share in the net income?

Anna and Ben formed a partnership with investments of P1,000,000 and P500,000, respectively. Net income is P210,000. The partners agreed on the following: . 10% interest on original investments . Anna's salary allowance of 120,000 and Ben's salary allowance of P144,000 . Balance 1:2 between Anna and Ben, respectively How much is Anna's share in the net income?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 2PB: The partnership of Arun, Margot, and Tammy has been doing well. Arun wants to retire and move to...

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