Garachico, Perez, and Burgos formed a partnership on Jan. 1, 2019, and contributed P150,000, P200,000, and P250,000, respectively. Their articles of co-partnership provided that the operating profit be shared among the partners as follows: as salary, P24,000 for Garachico, P18,000 for Perez, and P12,000 for Burgos; interest of 12% on the ending capital during 2019 of the three partners;bonus to Burgos of 8% of profit before salaries and interest and the balance in the ratio of 2:4:4, respectively. The profit earned for the year ended Dec. 31, 2019 amounted to P176,000. Garachico contributed additional capital of P30,000 on July 1 and made a withdrawal of P10,000 on Oct. 1; Perez contributed additional capital of P20,000 on Aug. 1 and made a withdrawal of P10,000 on Oct. 1; and, Burgos made a withdrawal of P30,000 on Nov. 1. What are Partner's profit or losses?
Garachico, Perez, and Burgos formed a partnership on Jan. 1, 2019, and contributed P150,000, P200,000, and P250,000, respectively. Their articles of co-partnership provided that the operating profit be shared among the partners as follows: as salary, P24,000 for Garachico, P18,000 for Perez, and P12,000 for Burgos; interest of 12% on the ending capital during 2019 of the three partners;bonus to Burgos of 8% of profit before salaries and interest and the balance in the ratio of 2:4:4, respectively. The profit earned for the year ended Dec. 31, 2019 amounted to P176,000. Garachico contributed additional capital of P30,000 on July 1 and made a withdrawal of P10,000 on Oct. 1; Perez contributed additional capital of P20,000 on Aug. 1 and made a withdrawal of P10,000 on Oct. 1; and, Burgos made a withdrawal of P30,000 on Nov. 1.
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