On July 1, 2018, Bisana invested an additional P100,000 and Rubio’s salary was discontinued. The partnership profit for the year ended Dec. 31,2018 was P337,500. What was Rubio’s total profit share for the year ended Dec. 31, 2018?
On July 1, 2018, Bisana invested an additional P100,000 and Rubio’s salary was discontinued. The partnership profit for the year ended Dec. 31,2018 was P337,500. What was Rubio’s total profit share for the year ended Dec. 31, 2018?
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 3EA: The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have...
Related questions
Question
Rubio and Bisana established a trading. They share profits equally after allowing salaries of P40,000 per year for Rubio and interest on partner’s capital at 5% per year. On Jan. 1, 2018, their capital balances are as follows: Rubio, P200,000 and Bisana, P100,000.
On July 1, 2018, Bisana invested an additional P100,000 and Rubio’s salary was discontinued. The
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT