The A,B,C partnership agreement specifies that partnership net income be allocated as follows: A B C Salary allowance P30,000 P10,000 P40,000 Interest on ave. capital balance 10% 10% 10% Remainder 40% 40% 20% The average capital balances for the current year were P50,000 for A, P30,000 for B, and P20,000 FOR c. Assuming a current year net income of P150,000, what amount should be allocated to each partner? Assuming a current year net income of P50,000, what amount should be allocated to each partner
The A,B,C partnership agreement specifies that partnership net income be allocated as follows: A B C Salary allowance P30,000 P10,000 P40,000 Interest on ave. capital balance 10% 10% 10% Remainder 40% 40% 20% The average capital balances for the current year were P50,000 for A, P30,000 for B, and P20,000 FOR c. Assuming a current year net income of P150,000, what amount should be allocated to each partner? Assuming a current year net income of P50,000, what amount should be allocated to each partner
Chapter21: Partnerships
Section: Chapter Questions
Problem 57P
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Problem 3. The A,B,C
A B C
Salary allowance P30,000 P10,000 P40,000
Interest on ave. capital balance 10% 10% 10%
Remainder 40% 40% 20%
The average capital balances for the current year were P50,000 for A, P30,000 for B, and P20,000 FOR c.
- Assuming a current year net income of P150,000, what amount should be allocated to each partner?
- Assuming a current year net income of P50,000, what amount should be allocated to each partner?
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