3. A and B formed a partnership. The partnership agreement stipulates the following: Monthly salary allowances of P10,000 for A and P4,000 for B. The salaries are recognized as expenses. The partners share equally in profits and losses. The partnership reported profit for the year of P360,000. How much is the total share of A, inclusive of salary allowances? a. 300,000 b. 228,000 c. 148,000 d. 128,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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3. A and B formed a partnership. The partnership agreement
stipulates the following:
Monthly salary allowances of P10,000 for A and P4,000 for
B. The salaries are recognized as expenses.
The partners share equally in profits and losses.
The partnership reported profit for the year of P360,000. How
much is the total share of A, inclusive of salary allowances?
а. 300,000
b. 228,000
с. 148,000
d. 128,000
Transcribed Image Text:3. A and B formed a partnership. The partnership agreement stipulates the following: Monthly salary allowances of P10,000 for A and P4,000 for B. The salaries are recognized as expenses. The partners share equally in profits and losses. The partnership reported profit for the year of P360,000. How much is the total share of A, inclusive of salary allowances? а. 300,000 b. 228,000 с. 148,000 d. 128,000
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