Partners Dan, Han and Pan, operating a computer store, shares profit and loss on a ratio of 4:4:3. Allocation of profit is in the following manner: a. Salaries of P 20,000, P25,000 and P15,000 respectively b. Han receives a bonus of 5% for the first P500,000 after the salaries are deducted and 10% in excess of P500,000. c. Balance of the profit is divided according to their ratio. Partnership income for the year amounted to P1,356,000. What is the total amount of bonus received by Han? What is the share in the partnership income did Pan received? What is the share in the partnership income did Han received? What is the share in the partnership income did Dan received?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Partners Dan, Han and Pan, operating a computer store, shares profit and loss on a ratio of 4:4:3. Allocation of profit is in the following manner:

a. Salaries of P 20,000, P25,000 and P15,000 respectively

b. Han receives a bonus of 5% for the first P500,000 after the salaries are deducted and 10% in excess of P500,000.

c. Balance of the profit is divided according to their ratio.

Partnership income for the year amounted to P1,356,000.

  1. What is the total amount of bonus received by Han?
  2. What is the share in the partnership income did Pan received?
  3. What is the share in the partnership income did Han received?
  4. What is the share in the partnership income did Dan received?

 

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