AB partnership has net income of P61,000 for the year. A contributed P90,000 and B contributed P60,000. The partners agree to share profit and losses as follows: • Salary allowance of P15,000 and P30,000 of A and B, respectively • Interest of 10% based on average capital • Bonus of 10% to A based on net income after salary and interest • Balance equally How much is the share of A? 24,550 33,450 30,100

AB partnership has net income of P61,000 for the year. A contributed P90,000 and B contributed P60,000. The partners agree to share profit and losses as follows: • Salary allowance of P15,000 and P30,000 of A and B, respectively • Interest of 10% based on average capital • Bonus of 10% to A based on net income after salary and interest • Balance equally How much is the share of A? 24,550 33,450 30,100

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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