Hi, And B formed a partnership. The partnership agreement stipulates the following: * Annual salary allowances of P100,000 for A and P40,000 for B. * Bonus to A of 10% of the profit after partners' salaries but before deducting the bonus. Case 1: The partnership earned profit of P50,000 Requirement: Compute for the respective shares of the partners in the profit. Case 2: The partnership incurred a loss of P20,000. Requirement: a. Compute for the respective shares of the partners in the profit. b. By what amount did A's capital account change?" Will there be a bonus if the there's no profit only loss? Thank you
Hi, And B formed a partnership. The partnership agreement stipulates the following: * Annual salary allowances of P100,000 for A and P40,000 for B. * Bonus to A of 10% of the profit after partners' salaries but before deducting the bonus. Case 1: The partnership earned profit of P50,000 Requirement: Compute for the respective shares of the partners in the profit. Case 2: The partnership incurred a loss of P20,000. Requirement: a. Compute for the respective shares of the partners in the profit. b. By what amount did A's capital account change?" Will there be a bonus if the there's no profit only loss? Thank you
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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Hi,
And B formed a partnership. The partnership agreement stipulates the following: * Annual salary allowances of P100,000 for A and P40,000 for B.
* Bonus to A of 10% of the profit after partners' salaries but before deducting the bonus.
Case 1: The partnership earned profit of P50,000 Requirement: Compute for the respective shares of the partners in the profit.
Case 2: The partnership incurred a loss of P20,000. Requirement: a. Compute for the respective shares of the partners in the profit. b. By what amount did A's capital account change?"
Will there be a bonus if the there's no profit only loss? Thank you
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