Reference no: EM133124545
Question - On January 1,2020, A and B formed a partnership. A contributed capital of P 275,000 and B of P 125,000. They agreed to share profits and losses 70% and 30%, respectively. B is a general manager and works in the partnership in full time. B is given a salary of P 6,000 a month. An interest of 10% of the starting capital is given also to both partners and a bonus to B of 10% of profit before the salary, interest and the bonus.
The condensed statement of comprehensive income of the partnership for the year ended December 31,2020 is as follows:
Net sales P1,175,000
Cost of Sales 750,000
Expenses (including salary, interest and bonus) 300,000
Total comprehensive income P125,000
Required -
1. The bonus of B for the year 2020 is
2. How much is the share of A in the partnership profit for the year 2020?
3. How much is total comprehensive income before salary, interest and bonus for the year 2020?
4. How much is the capital of B after distribution of profit for the year 2020?
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