2:19 Oי 0ס42docs.google.com/formsProblem B: OperationGeeHan partnership begins its first year of operationswith Gee, capital of 160,000 and Han capital of 80,000.According to the partnership agreement, all profits willbe distributed as follows:a. Gee will be allowed a monthly salary of P10,000b. The partners will be allowed with interest equal to10% of the capital balance as of the first day of the year.c. Gee will be allowed a bonus of 10% of the net incomeafter salaries.d. The remainder will be divided on the basis of 60:40 forthe first year and 50:50 for the second year.Assume further, that the partnership generated NetIncome of P320,000 for the first year and P200,000 forthe second year.4. What is the share of Han in the netincome for the first year?Your answer5. What is the share of Gee in the netincome for the first year?Your answer6. How much is the share of Han in the netincome for the second year?Your answer7. What is the share of Gee in the netincome for the second year?Your answer

Problem B: Operation GeeHan partnership begins its first year of operations with Gee, capital of 160,000 and Han capital of 80,000. According to the partnership agreement, all profits will be distributed as follows:

Problem B: Operation GeeHan partnership begins its first year of operations with Gee, capital of 160,000 and Han capital of 80,000. According to the partnership agreement, all profits will be distributed as follows:

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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