12. Partners Maramba and Pasac have a profit and loss agreement with th following provisions: salaries of P30,000 and P45,000 for Maramba an Dasac, respectively; a bonus to Maramba of 12% of net income after salarie and bonus; and interest of 10% on average capital balances of P50,000 ar P65,000 for Maramba and Pasac, respectively. One-fourth of any remainir profits are allocated to Maramba and the balance to Pasac. If th partnership had net income of P108,600, how much should be allocated Partner Maramba? a. P43,225 b. P43,816 C. P47,850 d. P65,375 13. In the preceding problem, how much should be allocated to Pasac? a. P43,225 b. P43,816 C. P47,850 d. P65,375
12. Partners Maramba and Pasac have a profit and loss agreement with th following provisions: salaries of P30,000 and P45,000 for Maramba an Dasac, respectively; a bonus to Maramba of 12% of net income after salarie and bonus; and interest of 10% on average capital balances of P50,000 ar P65,000 for Maramba and Pasac, respectively. One-fourth of any remainir profits are allocated to Maramba and the balance to Pasac. If th partnership had net income of P108,600, how much should be allocated Partner Maramba? a. P43,225 b. P43,816 C. P47,850 d. P65,375 13. In the preceding problem, how much should be allocated to Pasac? a. P43,225 b. P43,816 C. P47,850 d. P65,375
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:12. Partners Maramba and Pasac have a profit and loss agreement with the
following provisions: salaries of P30,000 and P45,000 for Maramba and
Pasac, respectively; a bonus to Maramba of 12% of net income after salaries
and bonus; and interest of 10% on average capital balances of P50,000 and
P65.000 for Maramba and Pasac, respectively. One-fourth of any remaining
profits are allocated to Maramba and the balance to Pasac. If the
partnership had net income of P108,600, how much should be allocated to
Partner Maramba?
a. P43,225
b. P43,816
C. P47,850
d. P65,375
13. In the preceding problem, how much should be allocated to Pasac?
a. P43,225
b. P43,816
C. P47,850
d. P65,375
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