Exercise 3-6. Net Income distribution and computation of partner's capital balance On January 1, 2023, Psalm and Trisha formed PS Partnership. The articles of co-partnership provides that profit or loss shall be distributed accordingly: • 15% interest on average capital balance. ● P30,000 and P80,000 quarterly salary for Psalm and Trisha, respectively. • The remainder shall be distributed in the ratio of 4:6 for Psalm and Trisha, respectively.

Exercise 3-6. Net Income distribution and computation of partner's capital balance On January 1, 2023, Psalm and Trisha formed PS Partnership. The articles of co-partnership provides that profit or loss shall be distributed accordingly: • 15% interest on average capital balance. ● P30,000 and P80,000 quarterly salary for Psalm and Trisha, respectively. • The remainder shall be distributed in the ratio of 4:6 for Psalm and Trisha, respectively.

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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