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?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 2PA: Arun and Margot want to admit Tammy as a third partner for their partnership. Their capital balances...

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