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How much is the partnership profit before salary and bonus

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Reference no: EM133004532

A and B's partnership agreement stipulates the following:

  • Annual salary of P20,000 to A
  • 10% bonus to A, based on profit after salaries and bonus
  • The balances are shared on 60:40 ratio.

Requirement:

Problem 1: If B's share in the partnership profit for the year is P32,000, how much is the partnership profit before salary and bonus?

Reference no: EM133004532

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