Before the allocation of loss, the following items are allocated first, except: A. Salaries to managing partner C. Interest on partnership’s bank loan B. Bonuses to partners D. Interest on partner’s capital
10. Before the allocation of loss, the following items are allocated first, except:
A. Salaries to managing partner
C. Interest on
B. Bonuses to partners
D. Interest on partner’s capital
11. Statement 1. An industrial partner is not exempted from sharing in the loss of the partnership if he is also a
capital partner.
Statement 2. When a new partner is admitted in the existing partnership, there is no need the consent of all
existing partners.
Statement- 1 Statement- 2
A. True False
B. False False
C. False True
D. True True
12. Mark Javier is an active partner in the Javier & Dela Rosa partnership, receives an annual bonus of 25% the
partnership profit after deducting a bonus. For the year ended, December 31, 2021, partnership income before
the bonus amounted to 200,000. The amount of bonus given to Mark Javier for the year 2021 would be?
Answer: P______________
Kindly answer the questions correctly, choose the best letter in the item 10 - 11 and indicate the exact amount in item 12. Kindly indicate the explaination. Thank you.
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