9. Mojeca and Santillan have formed a partnership and invested P140,000 andP160,000, respectively. They have agreed to share profits as follows:1) The first P30,000 is to be allocated according to their original capitalcontributions to the partnership.2) Mojeca is to receive a salary of P40,000 and Santillan is to receive asalary of P45,000.3) The remainder is to be allocated 5:3, respectively.If the business earns a net income of P118,000, Mojeca's share is:a. P62,125b. P61,000C. P55,875d. P54,000

The Partnership is Two or more persons running a business and they agree how the profit will be…

Answered: If the business earns a net income of…

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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If the business earns a net income of P118,000, Mojeca's share is: P62.125