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Calculate the distribution of partnership net income

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Reference no: EM132970055

Question - The PQ partnership has the following plan for the distribution of partnership net income (loss)

 

P

Q

Salaries

P80,000

P100,000

Bonus

6%

12%

Interest on average capital balance

7%

7%

Remainder (if positive)

60%

40%

Remainder (if negative)

50%

50%

Required - Calculate the distribution of partnership net income (loss) for each independent situation below for each situation, assume the average capital balance of P is P140,000 and of Q is P240,000.

a. Partnership net income is P360,000.

b. Partnership net loss is P40,000.

Reference no: EM132970055

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