9. The Articles of Partnership of partners A and B stipulates the following: Annual salary of P60,000 each. Bonus to Partner A of 20% of the profit after partners' salaries. The bonus and salaries are treated as expenses. Balance to be divided equally. The partnership earned profit of P360,000 after partners' salaries but before bonus. How much is the total share of A, including salary and bonus? а. 310,000 b. 250,000 c. 270,000 d. 210.000
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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