The net income of the Pine and Miles partnership is P180,000, The partnership agreement specifies that Pine and Miles have a salary allowance of P48,000 and P72,000, respectively. The partnership agreement also specifies an interest allowance of 10% on capital balances at the beginning of the year. Each partner had a beginning capital balance of P120,000. Any remaining net income or net loss is shared equally. What is Pine's share of the Pi8o,000 net income?

SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter21: Partnerships
Section: Chapter Questions
Problem 2BCRQ
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The net income of the Pine and Miles
partnership is P180,000, The partnership
agreement specifies that Pine and Miles
have a salary allowance of P48,000 and
P72,000, respectively. The partnership
agreement also specifies an interest
allowance of 10% on capital balances at the
beginning of the year. Each partner had a
beginning capital balance of Pi20,000. Any
remaining net income or net loss is shared
equally. What is Pine's share of the Pi80,000
net income? *
Transcribed Image Text:The net income of the Pine and Miles partnership is P180,000, The partnership agreement specifies that Pine and Miles have a salary allowance of P48,000 and P72,000, respectively. The partnership agreement also specifies an interest allowance of 10% on capital balances at the beginning of the year. Each partner had a beginning capital balance of Pi20,000. Any remaining net income or net loss is shared equally. What is Pine's share of the Pi80,000 net income? *
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