29. The net income of ABC partnership for the year is P100,000. Partner A is to be given a salary of 5,000 per month. The capital balances of A, B and C are P 150,000, P 160,000, and P 140,000, respectively. Interest in the capital balance will be given at a rate of 15%. Bonus of 10% after salaries and interest is given to partner C. Remaining profit is to be distributed equally to the partners. How much is C's share in the income? a. P 11,833 b. P 14,833 c. P 10,000 d. P 13,000

29. The net income of ABC partnership for the year is P100,000. Partner A is to be given a salary of 5,000 per month. The capital balances of A, B and C are P 150,000, P 160,000, and P 140,000, respectively. Interest in the capital balance will be given at a rate of 15%. Bonus of 10% after salaries and interest is given to partner C. Remaining profit is to be distributed equally to the partners. How much is C's share in the income? a. P 11,833 b. P 14,833 c. P 10,000 d. P 13,000

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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