The partnership's profit for the year amounted to P440,000. Partner A is entitled to 10% before bonus. What is the bonus that Partner A will receive?
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- A partner receives a bonus of 10% of profit after deducting bonus. How much is the bonus if the profit is P 110,000?The terms of a partnership agreement provide that one of the partners is to receive a salary allowance of P30,000, plus a bonus of 20 percent of income after deduction of the bonus and the salary allowance. If income is P150,000, the bonus should be: *The partners, C and D, share profits 3:2. However, C is to receive a yearly bonus of 20% of the profits, in addition to his profit share. The partnership made a net income for the year of P960,000 before the bonus.Assuming C’s bonus is computed on profit after deducting said bonus, how much profit share will D receive? Choices: P160,000 P307,200 P640,000 P320,000
- The net loss of a XYZ partnership for the year is P100,000. Partner X is to be given a salary of 5,000 per month. The capital balances of X, Y and Z 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 Z. Remaining profit is to be distributed equally to the partners. In the process of journalizing the distribution of the loss, what will be done to the capital of X and in what amount? A. Credited by P 14,250 B. Debited by P 6,666 C. Credited by P 6,666 D. Debited by P 14,250The partner’s Paru-paru Gee and Kokak Yoo, share profits on the ratio 3:2. Partner’s Paru-paru Gee will receive a yearly bonus of 20% of the profits after deducting salaries and bonus, in addition to his profit share;While partner’s Kokak Yoo will receive an annual salary of P30,000, in addition to his profit share. The annual profit is P90,000. 1. How much was the share of Paru-paru Gee on the partnership profit?A. 30,000 C. 40,000 B. 40,800 D. 45,000 2. How much was the share of Kokak-Yoo on the partnership profit?A. 60,000 C. 49,200 B. 50,000 D. 45,000 kindly show your solution. Thank youIf a partnership has a profit of P44,000 and Partner Ship is to be allocated a bonus of 10% of profit after the bonus, Ship's bonus would be?
- Pan and Sit share profits in the ration of 3:2. However, Pan is to receive a bonus of 20% of the profits, in addition to her profit share. The partnership made a profit for the year of P24,000 before the bonus. Assuming Pan's bonus is computed in profit after deducting said bonus, how much profit share will Sit receive?The net income of X and Y Co. for the 2018. Amounted to P420,000. X, as the managing partner, is allowed a bonus of 20% of net income before the bonus is deducted. a. The amount of bonus would be b. If the bonus is 20% of net income after deduction of the bonus , the bonus would beOn January 1, 2022, A and B formed a partnership. A and B agreed to share the partnership's profit as follows: . A to receive P5,000 salary per month and a 10% bonus before salary and bonus B to receive the remaining balance The partnership's annual year net income is P 130,000 (full year). Compute B's share in the partnership profit.
- 6. A and B formed a Partnership on January 1, 2020. A contributed capital of P50,000, while B contributed capital of P30,000. The Partnership agreement provides for the following: Capital accounts are to be credited annually with interest at 5% of the beginning capital. Partner B is to be paid salary of P2,000 a month. Partner B is to receive a bonus of 10% based on the net income. The Partnership's income statement for the year ended is as follows: Revenues P101,000 Expenses (including salary, interest, and bonus) 30,000 Net income 71,000 Determine the amount of bonus.A and B formed a partnership. The partnership agreement stipulates the following: Annual salary allowances of P80,000 for A and #40,000 for B. The partners share in profits and losses equally. The partnership earned profit of P100,000. How much is the share of B?A, B and C are partners sharing profits and losses in the ratio of 3:2:1 after the bonus (20% of net income) to A and the salary provision of P3,000 to A. They have beginning balances of P30,000 each at the beginning of the year. A contributed an additional P30,000 while B contributed an additional P20,000. The partnership had net income of P30,000. How much should be the increase in the capital balance of A?