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P60,000 while Partner Y received P100,000. Partner X’s share in residual income after deducting their salary and interest payment amounted to PP148,800. What is the share in the partnership income did Partner Y received? What is the share in the partnership income did Partner X received?

P60,000 while Partner Y received P100,000. Partner X’s share in residual income after deducting their salary and interest payment amounted to PP148,800. What is the share in the partnership income did Partner Y received? What is the share in the partnership income did Partner X received?

FINANCIAL ACCOUNTING
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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Partners X and Y operates a wet market in Farmer’s Market. They share profits and loss 60% and 40% respectively. Partner X, who works on Monday to Saturday receives a salary of P24,000 a month while Partner Y, who works on Friday to Saturday receives a monthly salary of P12,000 per month. Both partners receive interest on their average capital. Last year, Partner X received a P60,000 while Partner Y received P100,000. Partner X’s share in residual income after deducting their salary and interest payment amounted to PP148,800.

  1. What is the share in the partnership income did Partner Y received?
  2. What is the share in the partnership income did Partner X received?

 

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