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,
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,
Chapter21: Partnerships
Section: Chapter Questions
Problem 2BCRQ
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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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