Problem 41: The partnership contract of the J, Y, and P Partnership provided for the division of net income or losses in

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Problem 41 The Partnership Contract Of The J Y And P Partnership Provided For The Division Of Net Income Or Losses In 1 (100.39 KiB) Viewed 11 times

Problem 41: The partnership contract of the J, Y, and P Partnership provided for the division of net income or losses in the following manner: 1. Bonus of 20% of income before the bonus to J 2. Interest at 15% on average capital account balances to each partner. 3. Remaining income or loss, equally to each partner. Net income of the J, Y and P Partnership for 2005 was at P180,000 and the average capital account balances for that year were J, P200,000; Y, P400,000; and P, P600,000. How much of the P180,000 partnership profit for 2005 should be distributed to J? a. P54,000 b. P12,000 c. P66,000 d. P78,000