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X and Y are partners and have beginning capital balances of P 360,000 and P 600,000, respectively.  Partnership profits and losses are allocated as follows:  salaries of P 160,000 and P 200,000 to X and Y, respectively; 10% interest on their beginning capital balances, any remaining profit is divided equally.  Partnership profit of P 600,000 is allocated as follows:     a. X – P 300,000; Y – P 300,000  b. X – P 280,000; Y – P 320,000 c. X – P 268,000; Y – P 332,000 d. X – P 192,000; Y – P 408,000

X and Y are partners and have beginning capital balances of P 360,000 and P 600,000, respectively.  Partnership profits and losses are allocated as follows:  salaries of P 160,000 and P 200,000 to X and Y, respectively; 10% interest on their beginning capital balances, any remaining profit is divided equally.  Partnership profit of P 600,000 is allocated as follows:     a. X – P 300,000; Y – P 300,000  b. X – P 280,000; Y – P 320,000 c. X – P 268,000; Y – P 332,000 d. X – P 192,000; Y – P 408,000

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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X and Y are partners and have beginning capital balances of P 360,000 and P 600,000, respectively.  Partnership profits and losses are allocated as follows:  salaries of P 160,000 and P 200,000 to X and Y, respectively; 10% interest on their beginning capital balances, any remaining profit is divided equally.  Partnership profit of P 600,000 is allocated as follows:
 
 
a. X – P 300,000; Y – P 300,000 
b. X – P 280,000; Y – P 320,000
c. X – P 268,000; Y – P 332,000
d. X – P 192,000; Y – P 408,000
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