Beth, Luz and Ana divide profit and loss in the ratio of 2:1:1 respectively, after giving a monthly salary of P10,000 to each partner and bonus of 20% to Beth. Determine the share of each partner and record the distribution on the following independent situations: a) Net income earned was P480,000 and bonus is based on the income before salaries and bonus. b) Net income earned was P480,000 and bonus is based on the income after salaries and bonus. c) Net loss for the year was P480,00 and bonus based on the net income before salaries and bonu
Beth, Luz and Ana divide profit and loss in the ratio of 2:1:1 respectively, after giving a monthly salary of P10,000 to each partner and bonus of 20% to Beth. Determine the share of each partner and record the distribution on the following independent situations: a) Net income earned was P480,000 and bonus is based on the income before salaries and bonus. b) Net income earned was P480,000 and bonus is based on the income after salaries and bonus. c) Net loss for the year was P480,00 and bonus based on the net income before salaries and bonu
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...
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Beth, Luz and Ana divide profit and loss in the ratio of 2:1:1 respectively, after giving a monthly salary of P10,000 to each partner and bonus of 20% to Beth. Determine the share of each partner and record the distribution on the following independent situations:
a) Net income earned was P480,000 and bonus is based on the income before salaries and bonus.
b) Net income earned was P480,000 and bonus is based on the income after salaries and bonus.
c) Net loss for the year was P480,00 and bonus based on the net income before salaries and bonus.
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