Reference no: EM132585400
Partner's Ben, Noreen, Lani and Edwin are initially invested P 45 000, P 60 000, P 65 000, and P 85 000 each to form a partnership on July 1, 2020. They divided profits and losses based on the following:
a.) Annual salaries of P 15 000, P 20 000 and, P 20000 to Ben, Noreen, and Lani;
b.) 10% annual interest on original capital to Lani;
c.) 20% bonus to Edwin before salaries, interests, and bonus;
d.) The balance is to be divided 4:3:2:1 ratio to Ben, Noreen, Lani, and Edwin each, respectively;
Question 1: If for 2020, Ben and Lani received a total of P 47 000 from the partnership, how much would Edwin receive
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