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Find the total profit share of partner connie

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Question - Amy, Baby and Connie are partners in the accounting firm. Their capital account balances at year-end were Amy - P90,000; Baby - P110,000; Connie - P50,000. They share profits and losses in a 4:4:2 ratios, after the following special terms:

Partner Connie is to receive a bonus of 10% of the net income after bonus;

Interest of 10% shall be paid on that portion of a partner's capital in excess of P100,000;

Salaries of P10,000 and P12,000 shall be paid to partners Amy and Connie, respectively.

Required - Assuming a net income of P44,000 for the year, the total profit share of partner Connie would be?

Reference no: EM132576050

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