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Pozon, Ventic and Biore are partners. Pozon is an industrial partner. During the first year of operation, the firm realized a profit of P30,000. During the second year, the firm sustained a loss of P60,000. In the Articles of Partnership, it was agreed that Pozon, the industrial partner would get one-third of the profit but would not share in the losses. How much will Pozon, the industrial partner get? a.Pozon will get only P10,000 which is one-third of the profit. b.Pozon will get only P20,000 in the first year and none in the second year. c.Pozon will share in the loss in the second year. d.Pozon will get only P20,000 which is 1/3 of the profit of first year of operations

Pozon, Ventic and Biore are partners. Pozon is an industrial partner. During the first year of operation, the firm realized a profit of P30,000. During the second year, the firm sustained a loss of P60,000. In the Articles of Partnership, it was agreed that Pozon, the industrial partner would get one-third of the profit but would not share in the losses. How much will Pozon, the industrial partner get? a.Pozon will get only P10,000 which is one-third of the profit. b.Pozon will get only P20,000 in the first year and none in the second year. c.Pozon will share in the loss in the second year. d.Pozon will get only P20,000 which is 1/3 of the profit of first year of operations

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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Pozon, Ventic and Biore are partners. Pozon is an industrial partner. During the first year of operation, the firm realized a

profit of P30,000. During the second year, the firm sustained a loss of P60,000. In the Articles of Partnership, it was agreed that Pozon, the industrial partner would get one-third of the profit but would not share in the losses. How much will Pozon, the industrial partner get?

a.Pozon will get only P10,000 which is one-third of the profit.

b.Pozon will get only P20,000 in the first year and none in the second year.

c.Pozon will share in the loss in the second year.

d.Pozon will get only P20,000 which is 1/3 of the profit of first year of operations

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