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2. A, B and C are partners, sharing in partnership profits on a 2:3:4 ratio. A, the managing partner, is entitled to an annual salary of P80,000 and a 10% bonus on profit after deducting the salary but before deducting the bonus. The partnership earned profit of P560,000 before salary and bonus. How much is the share of B? a. 144,000 b. 129,600 c. 124,000 d. 129,667

2. A, B and C are partners, sharing in partnership profits on a 2:3:4 ratio. A, the managing partner, is entitled to an annual salary of P80,000 and a 10% bonus on profit after deducting the salary but before deducting the bonus. The partnership earned profit of P560,000 before salary and bonus. How much is the share of B? a. 144,000 b. 129,600 c. 124,000 d. 129,667

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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Fartnership Operations 51 2. A, B and C are partners, sharing in partnership profits on a 2:3:4 ratio. A, the managing partner, is entitled to an annual salary of P80,000 and a 10% bonus on profit after deducting the salary but before deducting the bonus. The partnership earned profit of P560,000 before salary and bonus. How much is the share of B? 144,000 c. 124,000 d. 129,667 a. b. 129,600
Transcribed Image Text:Fartnership Operations 51 2. A, B and C are partners, sharing in partnership profits on a 2:3:4 ratio. A, the managing partner, is entitled to an annual salary of P80,000 and a 10% bonus on profit after deducting the salary but before deducting the bonus. The partnership earned profit of P560,000 before salary and bonus. How much is the share of B? 144,000 c. 124,000 d. 129,667 a. b. 129,600
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