18. Gibo, Homer and Igno formed a partnership, Gibo being an induatrial partner while Homer and Igno being capitalist partnera who contributed cash amounting to P 50,000 and P 75,000, respectively. They agreed to share profita/losses in a ratio of 2:3:3 for Gibo, Homer and Igno, respectively. If the partnership generated income of P 80,000 for the year, how much should Gibo, the industrial partner, receive as his share in the profita? a. P 33, 333 b. P 20,000 c. P 30,000 d. P 26, 667 O A O B O D
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
Step by step
Solved in 2 steps
