10. Under Millan book.This is not a part of our exam but is included in the reference book and I want to review its answer. 10. The Articles of Partnership of partners A and B stipulates thefollowing• Annual salary of P60,000 each.• Bonus to Partner A of 20% of the profit after partnerssalaries. The bonus and salaries are treated as expenses.• Balance to be divided equally.The partnership earned profit of P480,000 before partners' salariesand bonus. How much is the total share of A, including salary andbonus?a. 270,000b. 250,000c. 230,000d. 210,000

Given information, Annual salary =P60,000 Bonus to partner A = 20% Profit =P480,000

Answered: 10. The Articles of Partnership of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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