Problem V. Barroga and Gonzales are partners who shares profits and losses in the ratio of 60:40, respectively. Barroga's salary is P60,000 and P30,000 for Gonzales. The partners are also paid interest on their average capital balances. In 2021, Barroga received P30,000 of interest and Gonzales, P12,000. The profit and loss allocation is determined after deductions for the salary and interest payments. If Gonzales' share in the residual profit (profit after deducting salaries and interest) was P60,000 in 2021, (8) what was the total partnership profit?

Problem V. Barroga and Gonzales are partners who shares profits and losses in the ratio of 60:40, respectively. Barroga's salary is P60,000 and P30,000 for Gonzales. The partners are also paid interest on their average capital balances. In 2021, Barroga received P30,000 of interest and Gonzales, P12,000. The profit and loss allocation is determined after deductions for the salary and interest payments. If Gonzales' share in the residual profit (profit after deducting salaries and interest) was P60,000 in 2021, (8) what was the total partnership profit?

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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Problem V. Barroga and Gonzales are partners who shares profits and losses in the ratio of 60:40, respectively. Barroga's
salary is P60,000 and P30,000 for Gonzales. The partners are also paid interest on their average capital balances. In 2021,
Barroga received P30,000 of interest and Gonzales, P12,000. The profit and loss allocation is determined after deductions
for the salary and interest payments. If Gonzales' share in the residual profit (profit after deducting salaries and interest)
was P60,000 in 2021,
(8) what was the total partnership profit?

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