Ben and Carl invested P300,000 each, in a partnership. They share in the profits as follows:●10% interest on beginning capital balances;●P98,000 salary allowances to both partners; and●All remaining profits accrue to Carl.If the partnership realized a P400,000 net income during the year ended 2021, how much would Carl's sharebe?

Carl and Ben are having equal share in the profit. From the total profit we deduct interest on…

nd Carl invested P300,000 each, in a partnership. They share in the profits as folla % interest on beginning capital balances; 8,000 salary allowances to both partners; and remaining profits accrue to Carl. partnership realized a P400,000 net income during the year ended 2021, how mu

nd Carl invested P300,000 each, in a partnership. They share in the profits as folla % interest on beginning capital balances; 8,000 salary allowances to both partners; and remaining profits accrue to Carl. partnership realized a P400,000 net income during the year ended 2021, how mu

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 13DQ

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Question

Ben and Carl invested P300,000 each, in a partnership. They share in the profits as follows:
●
10% interest on beginning capital balances;
●
P98,000 salary allowances to both partners; and
●
All remaining profits accrue to Carl.
If the partnership realized a P400,000 net income during the year ended 2021, how much would Carl's share
be?

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