29. The net income of ABC partnership for the year is P100,000. Partner A is to be given a salary of 5,000 per month. The capital balances of A, B and C are P 150,000, P 160,000, and P 140,000, respectively. Interest in the capital balance will be given at a rate of 15%. Bonus of 10% after salaries and interest is given to partner C. Remaining profit is to be distributed equally to the partners. How much is C's share in the income? a. P 11,833 b. P 14,833 c. P 10,000 d. P 13,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
29.
The net income of ABC partnership for the year is P100,000. Partner A
is to be given a salary of 5,000 per month. The capital balances of A, B
and C are P 150,000, P 160,000, and P 140,000, respectively. Interest in
the capital balance will be given at a rate of 15%. Bonus of 10% after
salaries and interest is given to partner C. Remaining profit is to be
distributed equally to the partners. How much is C's share in the income?
c. P 10,000
а. Р 11,833
b. P 14,833
d. P 13,000
O A
О в
Transcribed Image Text:29. The net income of ABC partnership for the year is P100,000. Partner A is to be given a salary of 5,000 per month. The capital balances of A, B and C are P 150,000, P 160,000, and P 140,000, respectively. Interest in the capital balance will be given at a rate of 15%. Bonus of 10% after salaries and interest is given to partner C. Remaining profit is to be distributed equally to the partners. How much is C's share in the income? c. P 10,000 а. Р 11,833 b. P 14,833 d. P 13,000 O A О в
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Partners and Partnerships
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education