A and B formed a partnership. The partnership agreement stipulates the following: • Annual salary allowances of P100,000 for A and P70,000 for B. • Bonus to A of 10% of profit after partner's salaries and bonus. The partners share profits and losses on a 50:50 ratio. During the period the partnership incurred loss of P500,000. How much is the share of A in the partnership results of operations during the period?
A and B formed a partnership. The partnership agreement stipulates the following: • Annual salary allowances of P100,000 for A and P70,000 for B. • Bonus to A of 10% of profit after partner's salaries and bonus. The partners share profits and losses on a 50:50 ratio. During the period the partnership incurred loss of P500,000. How much is the share of A in the partnership results of operations during the period?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A and B formed a partnership. The partnership agreement stipulates the following: • Annual salary allowances of P100,000 for A and P70,000 for B. • Bonus to A of 10% of profit after partner's salaries and bonus. The partners share
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