Beth, Luz and Ana divide profit and loss in the ratio of 2:1:1 respectively, after giving a monthly salary of P10,000 to each partner and bonus of 20% to Beth. Determine the share of each partner and record the distribution on the following independent situations: a) Net income earned was P480,000 and bonus is based on the income before salaries and bonus. b) Net income earned was P480,000 and bonus is based on the income after salaries and bonus. c) Net loss for the year was P480,00 and bonus based on the net income before salaries and bonu

Beth, Luz and Ana divide profit and loss in the ratio of 2:1:1 respectively, after giving a monthly salary of P10,000 to each partner and bonus of 20% to Beth. Determine the share of each partner and record the distribution on the following independent situations: a) Net income earned was P480,000 and bonus is based on the income before salaries and bonus. b) Net income earned was P480,000 and bonus is based on the income after salaries and bonus. c) Net loss for the year was P480,00 and bonus based on the net income before salaries and bonu

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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