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Compute for respective shares of partner on partnership loss

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Reference no: EM132741929

Use the following information for the next three cases: The partnership agreement of A, B and C stipulates the following: Partners A and C shall receive annual salaries of ?12,000 and ?8,000, respectively. A bonus of 10% of profit after salaries but before deduction of bonus shall be given to Partner A, the managing partner. Each partner shall receive 10% interest on average capital investments. Any remaining profit or loss shall be shared as follows: 40% to A and 30% each to B and C. The average capital investments of partners during the year are as follows: A ?100,000 B 60,000 C 120,000

Case #1: The partnership earns profit of ?100,000.

Requirement:

Problem 1: Compute for the respective shares of the partners on the partnership profit.

Case #2: The partnership earns profit of ?10,000.

Requirement:

Problem 2: Compute for the respective shares of the partners on the partnership profit.

Case #3: The partnership incurs loss of ?20,000.

Requirement:

Problem 3: Compute for the respective shares of the partners on the partnership loss. Prepare table for each cases.

Reference no: EM132741929

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