Ceradoy, Manongsong and Anuran are partners sharing residual profits in the ratio of 3:2:1, The partnership agreement provides for 8% interest on capital and a salary for Manongsong of P80,000 per annum. Profit for 2019 was P840,000 and the year -end balances on partners' capital accounts are as follows: Ceradoy, P200,000, Manongsong, P150,000 and Anuran, P120,000. What was Anuran's share of the residual profits for 2019? * 5 points a. P120,400 b. P126,670 c. P130,000 d. P140,000
Ceradoy, Manongsong and Anuran are partners sharing residual profits in the ratio of 3:2:1, The partnership agreement provides for 8% interest on capital and a salary for Manongsong of P80,000 per annum. Profit for 2019 was P840,000 and the year -end balances on partners' capital accounts are as follows: Ceradoy, P200,000, Manongsong, P150,000 and Anuran, P120,000. What was Anuran's share of the residual profits for 2019? * 5 points a. P120,400 b. P126,670 c. P130,000 d. P140,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ceradoy, Manongsong and Anuran are partners sharing residual profits in the ratio of 3:2:1, The partnership agreement provides for 8% interest on capital and a salary for Manongsong of P80,000 per annum. Profit for 2019 was P840,000 and the year -end balances on partners' capital accounts are as follows: Ceradoy, P200,000, Manongsong, P150,000 and Anuran, P120,000. What was Anuran's share of the residual profits for 2019? *
5 points
a. P120,400
b. P126,670
c. P130,000
d. P140,000
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