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Carlo, Ca P50,000 Jan Jur

Carlo, Ca P50,000 Jan Jur

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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Q9. Please answer the question correctly with solution ASAP. Thank you.
CABLES General Professional partnership, a business formed by Carlo and Jamie, have the following data in its books: | Carlo, Capital P50,000 Jan 1 Balance. Feb 28 P300,000 June 1 20,000 Oct 1 75,000 P345,000 Jamie, Capital Aug 1 2,000 Jan 1 Balance Nov 1 10,000 May 1 Dec 1 5,000 Carlo, Drawing 20,000 Jan 1-Dec 31 Jamie, Drawing 30,000 Jan 1-Dec 31 Income Summary Dec 31 P750,000 Carlo and Jamie agreed to divide remaining profits equally after giving 5% interest on peso month average capital to partners and to Jamie a 10% bonus on the net income. How much would be Jamie's share in the net income? P410,000 25,000 P418,000
Transcribed Image Text:CABLES General Professional partnership, a business formed by Carlo and Jamie, have the following data in its books: | Carlo, Capital P50,000 Jan 1 Balance. Feb 28 P300,000 June 1 20,000 Oct 1 75,000 P345,000 Jamie, Capital Aug 1 2,000 Jan 1 Balance Nov 1 10,000 May 1 Dec 1 5,000 Carlo, Drawing 20,000 Jan 1-Dec 31 Jamie, Drawing 30,000 Jan 1-Dec 31 Income Summary Dec 31 P750,000 Carlo and Jamie agreed to divide remaining profits equally after giving 5% interest on peso month average capital to partners and to Jamie a 10% bonus on the net income. How much would be Jamie's share in the net income? P410,000 25,000 P418,000
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