D and J are partners agreeing to allow an interest of 6% on their capital investment at the beginning of the year of 300,000 and P230,000 each, respectively. And a monthly salary of 6,000 to D and J would be given an appropriate salary so that D will receive P58,100 at the end of the year. Any remaining balance will be shared by the partners equally. The first year of operation yielded a net income of 100,000. What is the total salary given for the year?
D and J are partners agreeing to allow an interest of 6% on their capital investment at the beginning of the year of 300,000 and P230,000 each, respectively. And a monthly salary of 6,000 to D and J would be given an appropriate salary so that D will receive P58,100 at the end of the year. Any remaining balance will be shared by the partners equally. The first year of operation yielded a net income of 100,000. What is the total salary given for the year?
Chapter10: Partnerships: Formation, Operation, And Basis
Section: Chapter Questions
Problem 2BCRQ
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D and J are partners agreeing to allow an interest of 6% on their capital investment at the beginning of the year of 300,000 and P230,000 each, respectively. And a monthly salary of 6,000 to D and J would be given an appropriate salary so that D will receive P58,100 at the end of the year. Any remaining balance will be shared by the partners equally. The first year of operation yielded a net income of 100,000. What is the total salary given for the year?
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