Reference no: EM132934405
The partners of Triple A Partnership are Adah, Ana and Ara. During the current year, their average capital balances are as follows: Adah - P 180,000; Ana - P160,000; Ara - P 150,000.
The articles of partnership provided the following terms:
1. Annual interest of 8% on their average capital balances.
2. Salary allowances as follows: Adah - P 50,000 and Ana - P 80,000.
3. Ana shall receive bonus of 15% of income in excess of P40,000 after partner's interest and salary allowances.
4. Residual profits shall be divided in the ratio of 2:2:6 to Adah, Ana and Ara.
Problem 1: What amount will Ana receive if the net income earned is P 470,000?
Problem 2: What amount must the remaining assets be sold in order for Julia to receive P197,500 after liquidation?
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