A. 32,333 B. 30,000 C. 30,667 D. 16,667 The Dino Company, a partnership, was formed on January 1, 2020, with four partners, DD, EE,FF and GG. Capital contributions were as follows: DD, P50,000; EE, P25,000; FF, P25,000 andGG, P20,000. The partnership agreement provides that partners shall receive 5% interest in theamounts of their capital contributions. In addition, DD is to receive salary of P5,000 and EE asalary of P3,000. The agreement further provides that FF shall receive a minimum of P2,500 perannum from the partnership and GG a minimum of P6,000, per annum, both including amountsallowed as interest on capital and their respective shares of profits. The balance of the profit is tobe shared in the following proportions: DD, 30%; EE, 30%; FF, 20%, and GG, 20%. Calculatethe amount that must be carned by the partnership during 2020, in order that DD may receive anaggregate of P12,500 including interest, salary and share of profits.

A partnership is a kind of business structure in which two or more people agree to carry out…

Answered: The Dino Company, a partnership, was…

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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