Pls provide solution The partnership of EL, OOH, ARE and DEE reflected capital balances before the distribution of the netincome amounting to P125,000; P100,000, P175,000 and P150,000. The partners are to divide profits andlosses among themselves based on the following stipulations that they agreed on:A)Salary of P30,000 to EL, OOH and DEE.В)10% interest on the capital balance before the distribution of income to the partners.A 20% bonus after bonus and interest to AREIS to be given to ARE.D)The balance is to be divided on a 3:4:2:1 ratio.If OOH receives P70,000 from the partnership results of operations, what is the net income of thepartnership?300,625b. 260,500С.270,625d. 277,500а.

Partnership is the agreement between more than two business to run a business with joint…

The partnership of EL, OOH, ARE and DEE reflected capital balances before the distribution of the net income amounting to P125,000; P100,000, P175,000 and P150,000. The partners are to divide profits and losses among themselves based on the following stipulations that they agreed on: A) Salary of P30,000 to EL, OOH and DEE. B) 10% interest on the capital balance before the distribution of income to the partners. A 20% bonus after bonus and interest to AREIS to be given to ARE. The balance is to be divided on a 3:4:2:1 ratio. D) If OOH receives P70,000 from the partnership results of operations, what is the net income of the partnership? 300,625 b. 260,500 c. 270,625 d. 277,500 а.

The partnership of EL, OOH, ARE and DEE reflected capital balances before the distribution of the net income amounting to P125,000; P100,000, P175,000 and P150,000. The partners are to divide profits and losses among themselves based on the following stipulations that they agreed on: A) Salary of P30,000 to EL, OOH and DEE. B) 10% interest on the capital balance before the distribution of income to the partners. A 20% bonus after bonus and interest to AREIS to be given to ARE. The balance is to be divided on a 3:4:2:1 ratio. D) If OOH receives P70,000 from the partnership results of operations, what is the net income of the partnership? 300,625 b. 260,500 c. 270,625 d. 277,500 а.

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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