On January 1, 2020, A and B have capital balances of P 200,000 and P 300,000 respectively. On July 1,2020, A invests an additional P 10,000 and B withdraws P 11,600. Profits and losses are divided as follows: - Each of the partners shall be given 3,000 monthly salary: - Interest of 12% on ending capital balances, - Bonus to B of 10% of profit after salary but before interest and bonus if profit exceeds 500,000 for the year. - Any remainder is divided in the ratio of their capital balances at the start of the year. Revenues for the year totaled P 1,000,000 and Expenses amounted to P 300,000. How much is A's share in the net income/net loss? 263.356,80 236,356.80 236.653.80 O 263.653.80
On January 1, 2020, A and B have capital balances of P 200,000 and P 300,000 respectively. On July 1,2020, A invests an additional P 10,000 and B withdraws P 11,600. Profits and losses are divided as follows: - Each of the partners shall be given 3,000 monthly salary: - Interest of 12% on ending capital balances, - Bonus to B of 10% of profit after salary but before interest and bonus if profit exceeds 500,000 for the year. - Any remainder is divided in the ratio of their capital balances at the start of the year. Revenues for the year totaled P 1,000,000 and Expenses amounted to P 300,000. How much is A's share in the net income/net loss? 263.356,80 236,356.80 236.653.80 O 263.653.80
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter19: Accounting For Partnerships
Section: Chapter Questions
Problem 4CE
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Transcribed Image Text:On January 1, 2020, A and B have capital balances of P 200,000 and P 300,000 respectively. On
July 1,2020, A invests an additional P 10,000 and B withdraws P 11,600. Profits and losses are
divided as follows:
- Each of the partners shall be given 3,000 monthly salary:
-Interest of 12% on ending capital balances
- Bonus to B of 10% of profit after salary but before interest and bonus if profit exceeds
500,000 for the year.
- Any remainder is divided in the ratio of their capital balances at the start of the year.
Revenues for the year totaled P 1,000,000 and Expenses amounted to P 300,000.
How much is A's share in the net income/net loss?
263.356,80
O 236,356.80
236.653.80
263,653.80
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