Carlo and Jamie are partners who agreed that monthly salaries will be allowed to them as follows: Carlo for P15,00 and Jamie for P20,000. 5% bonus is given to Jamie on net income after salaries and the remainder is distributed on the ratio of 40% to Carlo and 60% to Jamie. Assuming the partnership had net income after taxes for distribution at the end of the year amounting to P580,000. How much will be share of Jaime on the profit of the partnership business?
Carlo and Jamie are partners who agreed that monthly salaries will be allowed to them as follows: Carlo for P15,00 and Jamie for P20,000. 5% bonus is given to Jamie on net income after salaries and the remainder is distributed on the ratio of 40% to Carlo and 60% to Jamie. Assuming the partnership had net income after taxes for distribution at the end of the year amounting to P580,000. How much will be share of Jaime on the profit of the partnership business?
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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