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How much is the share of a in the profits

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A and B formed a partnership. The partnership agreement stipulates the following:

  1. Annual salary allowance of P10,000 for A and P40,000 for B.
  2. Bonus to A of 10% of the profit after partner's salaries but before bonus and interest.
  3. Interest of 12% on the beginning capital balance of B.
  4. The partners share profits and losses on a 60:40 ratio.

Problem 1: During the period the partnership earned profit of P200,000 before deduction for salaries. B beginning capital balance was P60,000 how much is the share of A in the profits?

a. 101,680
b. 98,320
c. 110,820
d. 96,720

Reference no: EM132772346

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