Partners ABC, DEF, GHI and JKL initially invested P45,000; P60,000; P65,000 and P85,000 each to form a partnership on July 1, 2022. They divide profit and losses based on the following: a. b. C. d. Annual Salaries of P15,000, P20,000 and P20,000 to ABC, DEF and GHI; 10% interest on original capital to GHI; 25% bonus to JKL of net income; The balance is to be divided into a 4:3:2:1 ratio to ABC, DEF, GHI and JKL Each respectively. If ABC and GHI received a total of P57,000 from the net income for 2022, compute the share of JKL from the net income of the partnership
Partners ABC, DEF, GHI and JKL initially invested P45,000; P60,000; P65,000 and P85,000 each to form a partnership on July 1, 2022. They divide profit and losses based on the following: a. b. C. d. Annual Salaries of P15,000, P20,000 and P20,000 to ABC, DEF and GHI; 10% interest on original capital to GHI; 25% bonus to JKL of net income; The balance is to be divided into a 4:3:2:1 ratio to ABC, DEF, GHI and JKL Each respectively. If ABC and GHI received a total of P57,000 from the net income for 2022, compute the share of JKL from the net income of the partnership
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Partners ABC, DEF, GHI and JKL initially invested P45,000; P60,000;
P65,000 and P85,000 each to form a partnership on July 1, 2022. They divide
profit and losses based on the following:
a.
b.
C.
d.
Annual Salaries of P15,000, P20,000 and P20,000 to ABC, DEF and
GHI:
10% interest on original capital to GHI;
25% bonus to JKL of net income;
The balance is to be divided into a 4:3:2:1 ratio to ABC, DEF, GHI and
JKL Each respectively.
If ABC and GHI received a total of P57,000 from the net income for 2022,
compute the share of JKL from the net income of the partnership
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