Malaluan and Baral are partners. They share profits in the ratio of 3:2 respectively and close their accounts on June 30 each year. On January 1, 2020, 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, 2020 was P480,000, accruing evenly over the year. Compute the share of Baral in the profit.
Malaluan and Baral are partners. They share profits in the ratio of 3:2 respectively and close their accounts on June 30 each year. On January 1, 2020, 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, 2020 was P480,000, accruing evenly over the year. Compute the share of Baral in the profit.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Malaluan and Baral are partners. They share profits in the ratio of 3:2 respectively and close their accounts on June 30 each year. On January 1, 2020, Castro joined the
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