Jan. 1, 2019, Anatalio, Yecyec, Guzon, and Calimpusan formed Butuan Trading Co., a partnership, with contributions as follows: Anatalio, P50,000; Yecyec, P25,000; Guzon, P25,000 and Calimpusan, P20,000. The partnership contract provided that each partner shall receive a 5% interest e contributed capital, and that Anatalio and Yecyec shall receive salaries of P5,000 and P3,000, respectively.
Jan. 1, 2019, Anatalio, Yecyec, Guzon, and Calimpusan formed Butuan Trading Co., a partnership, with contributions as follows: Anatalio, P50,000; Yecyec, P25,000; Guzon, P25,000 and Calimpusan, P20,000. The partnership contract provided that each partner shall receive a 5% interest e contributed capital, and that Anatalio and Yecyec shall receive salaries of P5,000 and P3,000, respectively.
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 57P
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Transcribed Image Text:14. On Jan. 1, 2019, Anatalio, Yecyec, Guzon, and Calimpusan formed Butuan Trading Co., a
partnership, with contributions as follows: Anatalio, P50,000; Yecyec, P25,000; Guzon, P25,000 and
Calimpusan, P20,000. The partnership contract provided that each partner shall receive a 5% interest on
contributed capital, and that Anatalio and Yecyec shall receive salaries of P5,000 and P3,000,
respectively.
The contract also provided that Guzon shall receive a minimum of P2,500 per annum, and Calimpusan a
minimum of P6,000 per annum, which is inclusive of amounts representing interest and share of
remaining profits. The balance of the profits shall be distributed to Anatalio, Yecyec, Guzon, and
Calimpusan in a ratio 3:3:2:2.
What amount must be earned by the partnership, before any charge for interest and salaries, so that
Anatalio may receive an aggregate of P12,500 including interest, salary and share of profits?
а. Р32,333
b. Р30,000
P30,667
d. P16,667
C.
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