M, N and O are partners in the MNO Co. Their capital contributed were: M P100,000; N P220,000 and O P100,000. Partner O is to receive a bonus of 10% of net income after bonus Interest of 10% shall be paid on that portion of capital beginning in excess of P200,000. Salaries of P20,000 and P24,000 shall be paid to partners M and O, respectively. Assuming the net income of the partnership is P88,000, the total profit share of O is: 40,095. I need solution please.
M, N and O are partners in the MNO Co. Their capital contributed were: M P100,000; N P220,000 and O P100,000. Partner O is to receive a bonus of 10% of net income after bonus Interest of 10% shall be paid on that portion of capital beginning in excess of P200,000. Salaries of P20,000 and P24,000 shall be paid to partners M and O, respectively. Assuming the net income of the partnership is P88,000, the total profit share of O is: 40,095. I need solution please.
M, N and O are partners in the MNO Co. Their capital contributed were: M P100,000; N P220,000 and O P100,000. Partner O is to receive a bonus of 10% of net income after bonus Interest of 10% shall be paid on that portion of capital beginning in excess of P200,000. Salaries of P20,000 and P24,000 shall be paid to partners M and O, respectively. Assuming the net income of the partnership is P88,000, the total profit share of O is: 40,095. I need solution please.
M, N and O are partners in the MNO Co. Their capital contributed were: M P100,000; N P220,000 and O P100,000.
Partner O is to receive a bonus of 10% of net income after bonus
Interest of 10% shall be paid on that portion of capital beginning in excess of P200,000.
Salaries of P20,000 and P24,000 shall be paid to partners M and O, respectively.
Assuming the net income of the partnership is P88,000, the total profit share of O is: 40,095.
I need solution please.
Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.
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