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Find for the respective shares of the partners in the profit

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Reference no: EM132929659

The partnership agreement of A and B stipulates the following:

  • Annual salaries of P100,000 for A and P60,000 for B.
  • 20% bonus to A, based on profit after salaries and bonus.
  • Balance is shared equally.

The partnership earned profit of P520,000 before salaries and bonus.

Requirement:

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

Reference no: EM132929659

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