Refozar, Martinez and Magsino förmed a parthership. The profit-sharing arrangements are as follows: "SISPO JPa Until June 30, 2016, the annual salaries are provided as follows: Martinez, P40,000 and Magsino, P20,000. The residual profit will be shared in the ratio of 6:2:2. From July 1, 2016, the salaries will be discontinued and the profit to be divided in the revised ratio of 5:3:2. Profit for the year ended Dec. 31, 2016 was P400,000 before charging partners' salaries, accruing evenly through´ the year, and after charging an expense of P40,000, which it was agreed related wholly to the first six months of the year. How should the profit for the year be divided among the partners? Magsino "P88,000 P84,000 Martinez Refozar P182,000 P200,000 P130,000 P116,000 a. b.
Refozar, Martinez and Magsino förmed a parthership. The profit-sharing arrangements are as follows: "SISPO JPa Until June 30, 2016, the annual salaries are provided as follows: Martinez, P40,000 and Magsino, P20,000. The residual profit will be shared in the ratio of 6:2:2. From July 1, 2016, the salaries will be discontinued and the profit to be divided in the revised ratio of 5:3:2. Profit for the year ended Dec. 31, 2016 was P400,000 before charging partners' salaries, accruing evenly through´ the year, and after charging an expense of P40,000, which it was agreed related wholly to the first six months of the year. How should the profit for the year be divided among the partners? Magsino "P88,000 P84,000 Martinez Refozar P182,000 P200,000 P130,000 P116,000 a. b.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Refozar, Martinez and Magsino formed a partnership. It's on a calendar year basis.
The profit-sharing arrangements are as follows:
Until June 30, 2016, the annual salaries are provided as follows: Martinez, P40,000.
and Magsino, P20,000. The residual profit will be shared in the ratio of 6:2:2.
From July 1, 2016, the salaries will be discontinued and the profit to be divided in
the revised ratio of S:3:2.
Profit for the year ended Dec. 31, 2016 was P400,000 before charging partners'
salaries, accruing evenly through the year, and after charging an expense of
P40,000, which it was agreed related wholly to the first six months of the year.
How should the profit for the year be divided among the partners?
Martinez
P130,000
P116,000
Magsino
P88,000
P84,000
Refozar
P182,000
P200,000
a.
b.
Transcribed Image Text:P88,000
P88,000
C.
P198,000
P180,000
P118,000
P132,000
d.
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