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As of December 31, 2020, Yahiko, Konan, and Nagato have capital balances of P240,000, P370,000, and P190,000, respectively. The partners agreed to have an interest of 8% based on their capital balances. Nagato is to be given a bonus of 20% of profit after bonus and tax. All partners are entitled to receive P20,800 salary for the year. Any remainder is to be divided in a ratio of 3:4:1. The partnership profit for the year is P120,000. How much is the capital balance of Yahiko after the distribution of profit?

As of December 31, 2020, Yahiko, Konan, and Nagato have capital balances of P240,000, P370,000, and P190,000, respectively. The partners agreed to have an interest of 8% based on their capital balances. Nagato is to be given a bonus of 20% of profit after bonus and tax. All partners are entitled to receive P20,800 salary for the year. Any remainder is to be divided in a ratio of 3:4:1. The partnership profit for the year is P120,000. How much is the capital balance of Yahiko after the distribution of 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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As of December 31, 2020, Yahiko, Konan, and Nagato have capital balances of P240,000, P370,000, and P190,000, respectively. The partners agreed to have an interest of 8% based on their capital balances. Nagato is to be given a bonus of 20% of profit after bonus and tax. All partners are entitled to receive P20,800 salary for the year. Any remainder is to be divided in a ratio of 3:4:1. The partnership profit for the year is P120,000. How much is the capital balance of Yahiko after the distribution of profit?
Transcribed Image Text:As of December 31, 2020, Yahiko, Konan, and Nagato have capital balances of P240,000, P370,000, and P190,000, respectively. The partners agreed to have an interest of 8% based on their capital balances. Nagato is to be given a bonus of 20% of profit after bonus and tax. All partners are entitled to receive P20,800 salary for the year. Any remainder is to be divided in a ratio of 3:4:1. The partnership profit for the year is P120,000. How much is the capital balance of Yahiko after the distribution of profit?
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