Ceradoy, Manongsong and Anuran are partners sharing residual profits in the ratio of 3:2:1. The partnership agreement provides for 8% interest on capital and a salary for Manongsong of P80,000 per annum. Profit for 2016 was P840,000 and the year-end balances on partners’ capital accounts are as follows: Ceradoy, P200,000; Manongsong, P150,000 and Anuran, P120,000. What was Anuran’s share in the residual profits for 2016?
Ceradoy, Manongsong and Anuran are partners sharing residual profits in the ratio of 3:2:1. The partnership agreement provides for 8% interest on capital and a salary for Manongsong of P80,000 per annum. Profit for 2016 was P840,000 and the year-end balances on partners’ capital accounts are as follows: Ceradoy, P200,000; Manongsong, P150,000 and Anuran, P120,000. What was Anuran’s share in the residual profits for 2016?
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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Ceradoy, Manongsong and Anuran are partners sharing residual profits in the ratio of 3:2:1. The
on capital and a salary for Manongsong of P80,000 per annum. Profit for 2016 was P840,000 and the year-end balances on partners’ capital accounts
are as follows: Ceradoy, P200,000; Manongsong, P150,000 and Anuran, P120,000. What was Anuran’s share in the residual profits for 2016?
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