Malaluan and Baral are in partnership. They share profits in the ratio 3:2 and close their accounts on June 30 each year.On Jan. 1, 2016, Castro joined the partnership. The profit-sharing ratio was revised to become Malaluan 50%, Baral 25% and Castro 25%, after providing for annual salaries as follows: Baral, P20,000 and Castro, P12,000. The partnership profit for the year ended June 30, 2016 was P480,000, accruing evenly over the year. What are the partners' total share in profits for the year ended June 30, 2016? Malaluan Baral Castro P256,000 P248,000 P264,000 P264,000 a. P162,000 P62,000 b. P168,000 P64,000 C. P166,000 P66,000 d. P156,000 P60,000

Malaluan and Baral are in partnership. They share profits in the ratio 3:2 and close their accounts on June 30 each year.On Jan. 1, 2016, Castro joined the partnership. The profit-sharing ratio was revised to become Malaluan 50%, Baral 25% and Castro 25%, after providing for annual salaries as follows: Baral, P20,000 and Castro, P12,000. The partnership profit for the year ended June 30, 2016 was P480,000, accruing evenly over the year. What are the partners' total share in profits for the year ended June 30, 2016? Malaluan Baral Castro P256,000 P248,000 P264,000 P264,000 a. P162,000 P62,000 b. P168,000 P64,000 C. P166,000 P66,000 d. P156,000 P60,000

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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