Exercise 3-7. Distribution of Net Loss to partners Carmela and Ferdinand formed a partnership on January 1, 2023 with initial investments of P300,000 and P500,000, respectively. The partnership reported a net loss of P80,000. The partnership agreement provides that profit or loss shall be distributed accordingly: • Monthly salary of P10,000 and P5,000 respectively for Carmela and Ferdinand, • 10% interest on partners' original capital. 20% bonus to Carmela based on net income before interest, and salary. • The remainder is shared in the ratio of 3:2 respectively. Required: Determine the share of Carmela and Ferdinand in the net loss.

Exercise 3-7. Distribution of Net Loss to partners Carmela and Ferdinand formed a partnership on January 1, 2023 with initial investments of P300,000 and P500,000, respectively. The partnership reported a net loss of P80,000. The partnership agreement provides that profit or loss shall be distributed accordingly: • Monthly salary of P10,000 and P5,000 respectively for Carmela and Ferdinand, • 10% interest on partners' original capital. 20% bonus to Carmela based on net income before interest, and salary. • The remainder is shared in the ratio of 3:2 respectively. Required: Determine the share of Carmela and Ferdinand in the net loss.

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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