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A, B and C are partners, sharing in partnership profits in the ratio of 2:3:4. A, the managing partner, is entitled to an annual salary of P80,000 and a 10% bonus on profit after deducting the salary but before deducting the bonus. The partnership earmed profit of P560,000. How much is the share of A? a. 214,400 b. 196,000 c. 224,000 d. 189,667

A, B and C are partners, sharing in partnership profits in the ratio of 2:3:4. A, the managing partner, is entitled to an annual salary of P80,000 and a 10% bonus on profit after deducting the salary but before deducting the bonus. The partnership earmed profit of P560,000. How much is the share of A? a. 214,400 b. 196,000 c. 224,000 d. 189,667

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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2. How much was the share of A? This is not a part of our exam but is included in the reference book and I want to review its answer.

2. A, B and C are partners, sharing in partnership profits in the ratio of 2:3:4. A, the managing partner, is entitled to an annual salary of P80,000 and a 10% bonus on profit after deducting the salary but before deducting the bonus. The partnership earmed profit of P560,000. How much is the share of A? a. 214,400 b. 196,000 c. 224,000 d. 189,667
Transcribed Image Text:2. A, B and C are partners, sharing in partnership profits in the ratio of 2:3:4. A, the managing partner, is entitled to an annual salary of P80,000 and a 10% bonus on profit after deducting the salary but before deducting the bonus. The partnership earmed profit of P560,000. How much is the share of A? a. 214,400 b. 196,000 c. 224,000 d. 189,667
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