Answered: P60,000 while Partner Y received…

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.

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

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