4 The partnership agreement of 0, YY&z provides for the yearend allocation of net income in the following order • Frst, Xis to recelve 10 of net income up to P200,000 and 20% over P200,000 • Second, and zzeach are to receive SN of the remaining income over PO.000 • The balance of income a to be allocated equally among the three partners The partnership's 2021 net income was PS00.000 before any allocations to partners. What amount should be alocated to ? a. P202,000 O b. P216,000 O c. P206,000 O d. P220,000 O O
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.
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