Jungkook, Jimin and Jin are lawyers who agreed to form a partnership and to share profits in the ratio of 5:3:2. They also agreed that Jin is to bellowed a salary of P14,000, and Jimin is to be guaranteed of P10,500 as his share of the profits. During the first year of operation, income from fees areP90,000, while expenses total P48,000. What amount of net income should be credited to Jimin's capital account? * O
Jungkook, Jimin and Jin are lawyers who agreed to form a partnership and to share profits in the ratio of 5:3:2. They also agreed that Jin is to bellowed a salary of P14,000, and Jimin is to be guaranteed of P10,500 as his share of the profits. During the first year of operation, income from fees areP90,000, while expenses total P48,000. What amount of net income should be credited to Jimin's capital account? * O
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 2PA: Arun and Margot want to admit Tammy as a third partner for their partnership. Their capital balances...
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Transcribed Image Text:Jungkook, Jimin and Jin are lawyers who agreed to form a partnership and to share profits in
the ratio of 5:3:2. They also agreed that Jin is to bellowed a salary of P14,000, and Jimin is to
be guaranteed of
P10,500 as his share of the profits. During the first year of operation, income from fees
areP90,000, while expenses total P48,000. What amount of net income should be credited to
Jimin's capital account? *
O 14,000
8,400
10,500
O 11,000
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