Carlo and Jamie are partners who agreed that monthly salaries will be allowed to them as follows: Carlo for P15,00 and Jamie for P20,000. 5% bonus is given to Jamie on net income after salaries and the remainder is distributed on the ratio of 40% to Carlo and 60% to Jamie. Assuming the partnership had net income after taxes for distribution at the end of the year amounting to P580,000. How much will be share of Jaime on the profit of the partnership business?

Carlo and Jamie are partners who agreed that monthly salaries will be allowed to them as follows: Carlo for P15,00 and Jamie for P20,000. 5% bonus is given to Jamie on net income after salaries and the remainder is distributed on the ratio of 40% to Carlo and 60% to Jamie. Assuming the partnership had net income after taxes for distribution at the end of the year amounting to P580,000. How much will be share of Jaime on the profit of the partnership business?

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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