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A and B's partnership agreement provides for annual salary allowances of 160,000 for A and 80,000 for B. Profits are shared equally, while losses on a 70:30 ratio. The partnership earned profit of P200,000. Requirement: Compute for the respective shares of the partners the profit.

A and B's partnership agreement provides for annual salary allowances of 160,000 for A and 80,000 for B. Profits are shared equally, while losses on a 70:30 ratio. The partnership earned profit of P200,000. Requirement: Compute for the respective shares of the partners the profit.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A and B's partnership agreement provides for annual salary allowances of 160,000 for A and 80,000 for B. Profits are shared equally, while losses on a 70:30 ratio. The partnership earned profit of P200,000. Requirement: Compute for the respective shares of the partners the profit.
Transcribed Image Text:A and B's partnership agreement provides for annual salary allowances of 160,000 for A and 80,000 for B. Profits are shared equally, while losses on a 70:30 ratio. The partnership earned profit of P200,000. Requirement: Compute for the respective shares of the partners the profit.
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