Partners ABC, DEF, GHI and JKL initially invested P45,000; P60,000; P65,000 and P85,000 each to form a partnership on July 1, 2022. They divide profit and losses based on the following: a. b. C. d. Annual Salaries of P15,000, P20,000 and P20,000 to ABC, DEF and GHI; 10% interest on original capital to GHI; 25% bonus to JKL of net income; The balance is to be divided into a 4:3:2:1 ratio to ABC, DEF, GHI and JKL Each respectively. If ABC and GHI received a total of P57,000 from the net income for 2022, compute the share of JKL from the net income of the partnership
Partners ABC, DEF, GHI and JKL initially invested P45,000; P60,000; P65,000 and P85,000 each to form a partnership on July 1, 2022. They divide profit and losses based on the following: a. b. C. d. Annual Salaries of P15,000, P20,000 and P20,000 to ABC, DEF and GHI; 10% interest on original capital to GHI; 25% bonus to JKL of net income; The balance is to be divided into a 4:3:2:1 ratio to ABC, DEF, GHI and JKL Each respectively. If ABC and GHI received a total of P57,000 from the net income for 2022, compute the share of JKL from the net income of the partnership
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
4.
Transcribed Image Text:Partners ABC, DEF, GHI and JKL initially invested P45,000; P60,000;
P65,000 and P85,000 each to form a partnership on July 1, 2022. They divide
profit and losses based on the following:
a.
b.
C.
d.
Annual Salaries of P15,000, P20,000 and P20,000 to ABC, DEF and
GHI:
10% interest on original capital to GHI;
25% bonus to JKL of net income;
The balance is to be divided into a 4:3:2:1 ratio to ABC, DEF, GHI and
JKL Each respectively.
If ABC and GHI received a total of P57,000 from the net income for 2022,
compute the share of JKL from the net income of the partnership
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 2 steps with 2 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
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