As of December 31, 2015, D, E and F has adjusted capital balances of P100,000, P250,000 and P150,000, respectively, and shares profit equally. At the start of 2016, the partners admitted G for a 10% interest in profit and capital by contributing P100,000. The partnership earned P120,000 net income in 2009. How much is E's share in the partnership profit? Show your solution a. P24,000 b. P36,000 c. P40,000 d.P54,000
As of December 31, 2015, D, E and F has adjusted capital balances of P100,000, P250,000 and P150,000, respectively, and shares profit equally. At the start of 2016, the partners admitted G for a 10% interest in profit and capital by contributing P100,000. The partnership earned P120,000 net income in 2009. How much is E's share in the partnership profit? Show your solution a. P24,000 b. P36,000 c. P40,000 d.P54,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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As of December 31, 2015, D, E and F has adjusted capital balances of P100,000, P250,000 and P150,000, respectively, and shares profit equally. At the start of 2016, the partners admitted G for a 10% interest in profit and capital by contributing P100,000. The partnership earned P120,000 net income in 2009. How much is E's share in the partnership profit? Show your solution
a. P24,000
b. P36,000
c. P40,000
d.P54,000
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