The following balance sheet for the partnership of Juan, Ponce and Enrile were taken from the books on November 30, 2011: Cash P 80,000 Liabilities P 200,000 Other Assets 720,000 Juan, Capital 148,000 Ponce, Capital 260,000 Enrile, Capital 192,000 The partners’ agreed to distribute the profits as follows; Annual salaries to Juan and Ponce of P 6,000 each. 6 % interest on beginning capital 10 % bonus to Ponce (the bonus to be treated as an expense after salaries and interest) Remaining profit – 40:40:20 respectively. If the net income of the partnership was P 122,400 during the two-month period ending December 31, 2011, the total share of Ponce in the net income is;
The following
Cash P 80,000 Liabilities P 200,000
Other Assets 720,000 Juan, Capital 148,000
Ponce, Capital 260,000
Enrile, Capital 192,000
The partners’ agreed to distribute the profits as follows;
Annual salaries to Juan and Ponce of P 6,000 each.
6 % interest on beginning capital
10 % bonus to Ponce (the bonus to be treated as an expense after salaries and interest)
Remaining profit – 40:40:20 respectively.
If the net income of the partnership was P 122,400 during the two-month period ending December 31, 2011, the total share of Ponce in the net income is;
a. P 61,440
b. P 55,600
c. P 54,964
d. P 55,418
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