Figueroa and Aguhob are partners in a CPA Review School. They share profits in the ratio of 2:1. On July 1, 2019 they admitted Figueroa's son Doblas as a partner. Figueroa guaranteed that Doblas' profit share would not be less than P25,000 for the six months to Dec. 31, 2019. The profit sharing arrangements after Doblas' admission is as follows: Figueroa 50%, Aguhob 30% and Doblas 20%. The profit for the year ended Dec.31, 2019 was P240,000 accruing evenly over the year. What should Figueroa's total profit share be for the year ended Dec. 31, 2019?

Figueroa and Aguhob are partners in a CPA Review School. They share profits in the ratio of 2:1. On July 1, 2019 they admitted Figueroa's son Doblas as a partner. Figueroa guaranteed that Doblas' profit share would not be less than P25,000 for the six months to Dec. 31, 2019. The profit sharing arrangements after Doblas' admission is as follows: Figueroa 50%, Aguhob 30% and Doblas 20%. The profit for the year ended Dec.31, 2019 was P240,000 accruing evenly over the year. What should Figueroa's total profit share be for the year ended Dec. 31, 2019?

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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Question

6. Figueroa and Aguhob are partners in a CPA Review School. They share profits in the
ratio of 2:1. On July 1, 2019 they admitted Figueroa's son Doblas as a partner.
Figueroa guaranteed that Doblas' profit share would not be less than P25,000 for
the six months to Dec. 31, 2019. The profit sharing arrangements after Doblas'
admission is as follows: Figueroa 50%, Aguhob 30% and Doblas 20%. The profit for
the year ended Dec.31, 2019 was P240,000 accruing evenly over the year. What
should Figueroa's total profit share be for the year ended Dec. 31, 2019?
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