Jun Jon and Company, general co-partnership has the following data of income and expenses for 2018: Gross income- P 2,400,000 Expenses- 1,000,000 Dividend received from a domestic corporation 90,000 Interest on bank deposit (net)- 10,000 Partners Jun share profits and losses in the ratio of 80% and 20%, respectively. The income tax payable by the partnership is a. P420,000 b. P450,000 c. P447, 000 d. P423,000
Jun Jon and Company, general co-partnership has the following data of income and expenses for 2018: Gross income- P 2,400,000 Expenses- 1,000,000 Dividend received from a domestic corporation 90,000 Interest on bank deposit (net)- 10,000 Partners Jun share profits and losses in the ratio of 80% and 20%, respectively. The income tax payable by the partnership is a. P420,000 b. P450,000 c. P447, 000 d. P423,000
Chapter10: Partnerships: Formation, Operation, And Basis
Section: Chapter Questions
Problem 2BCRQ
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Question
Jun Jon and Company, general co-
2018:
Gross income- P 2,400,000
Expenses- 1,000,000
Dividend received from a domestic corporation 90,000
Interest on bank deposit (net)- 10,000
Partners Jun share
The income tax payable by the partnership is
a. P420,000
b. P450,000
c. P447, 000
d. P423,000
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