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10. The Articles of Partnership of partners A and B stipulates the following: • Annual salary of P60,000 each. • Bonus to Partner A of 20% of the profit after partners salaries. The bonus and salaries are treated as expenses. • Balance to be divided equally. The partnership earned profit of P480,000 before partners' salaries and bonus. How much is the total share of A, including salary and bonus? a. 270,000 b. 250,000 c. 230,000 d. 210,000

10. The Articles of Partnership of partners A and B stipulates the following: • Annual salary of P60,000 each. • Bonus to Partner A of 20% of the profit after partners salaries. The bonus and salaries are treated as expenses. • Balance to be divided equally. The partnership earned profit of P480,000 before partners' salaries and bonus. How much is the total share of A, including salary and bonus? a. 270,000 b. 250,000 c. 230,000 d. 210,000

FINANCIAL ACCOUNTING
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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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 the following • Annual salary of P60,000 each. • Bonus to Partner A of 20% of the profit after partners salaries. The bonus and salaries are treated as expenses. • Balance to be divided equally. The partnership earned profit of P480,000 before partners' salaries and bonus. How much is the total share of A, including salary and bonus? a. 270,000 b. 250,000 c. 230,000 d. 210,000
Transcribed Image Text:10. The Articles of Partnership of partners A and B stipulates the following • Annual salary of P60,000 each. • Bonus to Partner A of 20% of the profit after partners salaries. The bonus and salaries are treated as expenses. • Balance to be divided equally. The partnership earned profit of P480,000 before partners' salaries and bonus. How much is the total share of A, including salary and bonus? a. 270,000 b. 250,000 c. 230,000 d. 210,000
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