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The partners of Dan and Ken are engaged in trading. Dan's original capital was P40,000 and Ken 's was P60,000. They agreed to share profits and losses as follows: Dan Php28.000 10% 30% Ken Php40,000 10% 70% Salaries Interest on original capital Balance If the profits for the year were P120,000, what share of the profits would Dan receive? а Р4600 b. Р46400 c. P57,400 d. P75,600 a. [f the losses for the year were P20,000, what share of the loss would Ken receive? c. (P2,600) a P2,600

The partners of Dan and Ken are engaged in trading. Dan's original capital was P40,000 and Ken 's was P60,000. They agreed to share profits and losses as follows: Dan Php28.000 10% 30% Ken Php40,000 10% 70% Salaries Interest on original capital Balance If the profits for the year were P120,000, what share of the profits would Dan receive? а Р4600 b. Р46400 c. P57,400 d. P75,600 a. [f the losses for the year were P20,000, what share of the loss would Ken receive? c. (P2,600) a P2,600

FINANCIAL ACCOUNTING
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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The partners of Dan and Ken are engaged in trading. Dan's original capital was P40,000 and Ken 's was P60,000. They agreed to share profits and losses as follows: Dan Ken Php28,000 10% 30% Salaries Interest on original capital Balance Php40,000 10% 70% а. Р44,600 b. Р46,400 If the profits for the year were P120,000, what share of the profits would Dan receive? c. P57,400 d. P75,600 а. Р2,600 b. (Р22,600) [f the losses for the year were P20,000, what share of the loss would Ken receive? c. (P2,600) d. P5,200
Transcribed Image Text:The partners of Dan and Ken are engaged in trading. Dan's original capital was P40,000 and Ken 's was P60,000. They agreed to share profits and losses as follows: Dan Ken Php28,000 10% 30% Salaries Interest on original capital Balance Php40,000 10% 70% а. Р44,600 b. Р46,400 If the profits for the year were P120,000, what share of the profits would Dan receive? c. P57,400 d. P75,600 а. Р2,600 b. (Р22,600) [f the losses for the year were P20,000, what share of the loss would Ken receive? c. (P2,600) d. P5,200
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