nd Carl invested P300,000 each, in a partnership. They share in the profits as folla % interest on beginning capital balances; 8,000 salary allowances to both partners; and remaining profits accrue to Carl. partnership realized a P400,000 net income during the year ended 2021, how mu
nd Carl invested P300,000 each, in a partnership. They share in the profits as folla % interest on beginning capital balances; 8,000 salary allowances to both partners; and remaining profits accrue to Carl. partnership realized a P400,000 net income during the year ended 2021, how mu
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 13DQ
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Transcribed Image Text:Ben and Carl invested P300,000 each, in a partnership. They share in the profits as follows:
●
10% interest on beginning capital balances;
●
P98,000 salary allowances to both partners; and
●
All remaining profits accrue to Carl.
If the partnership realized a P400,000 net income during the year ended 2021, how much would Carl's share
be?
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