On January 1, 2020, July 1,2020, A invests an additional P 10,000 and B withdraws P 11,600. Profits and losses are divided as follows: Dala Each of the partners shall be givel 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 300,000 How much is A's capital after distribution of the net income/ net losses?
On January 1, 2020, July 1,2020, A invests an additional P 10,000 and B withdraws P 11,600. Profits and losses are divided as follows: Dala Each of the partners shall be givel 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 300,000 How much is A's capital after distribution of the net income/ net losses?
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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