What is the amount of bonus received by Jack? What is the amount of bonus received by Alas? How much is the share in the partnership income did Jack received? How much is the share in the partnership income did Queen received? How much is the share in the partnership income did King received?
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
The
a. All partners receive a 10% interest on their beginning capital balances as follows: Jack – 1,500,000, Queen – 1,250,000, King – 750,000 and Alas – 900,000
b. Partners Jack and Alas both receives annual salary of P240,000 and P360,000 respectively
c. Partners Jack and Alas also receives a bonus of 4% and 5% after all bonuses.
d. Any remaining
e. Net profit for the year amounted to 1,250,000
- What is the amount of bonus received by Jack?
- What is the amount of bonus received by Alas?
- How much is the share in the partnership income did Jack received?
- How much is the share in the partnership income did Queen received?
- How much is the share in the partnership income did King received?
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