In 20x1, Drs. Soriano and Ramos, both medical doctors formed a partnership, with Dr. Soriano investing P100,000 and Dr. Ramos P120,000. They agreed to share net income as follows Monthly Salary allowances of P10,000 to Dr. Soriano and P8,000 to Dr. Ramos • Interest at 12% of beginning capital account balances Any partnership net income in excess of the required to cover the interest and salary allowances to be divided according to the ratio 3 for Soriano : 2 for Ramos In 20x3, the Net Income amounted to P500,000. The partnership paid a nurse P60,000 for her salary 1. Compute for the share of Dr. Ramos 2. Compute the salary expense of the partnership. 3. Compute for the share of Dr. Soriano

In 20x1, Drs. Soriano and Ramos, both medical doctors formed a partnership, with Dr. Soriano investing P100,000 and Dr. Ramos P120,000. They agreed to share net income as follows Monthly Salary allowances of P10,000 to Dr. Soriano and P8,000 to Dr. Ramos • Interest at 12% of beginning capital account balances Any partnership net income in excess of the required to cover the interest and salary allowances to be divided according to the ratio 3 for Soriano : 2 for Ramos In 20x3, the Net Income amounted to P500,000. The partnership paid a nurse P60,000 for her salary 1. Compute for the share of Dr. Ramos 2. Compute the salary expense of the partnership. 3. Compute for the share of Dr. Soriano

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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