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Question - AA and BB are partners with capital accounts that had the following transactions during 2022:
AA
BB
Debit
Credit
Beginning balance, January 1
P270,000
P280,000
February 28
P80,000
March 1
120,000
April 30
160,000
June 1
P100,000
August 1
140,000
September 30
40,000
October 31
The partnership agreement provides for the following:
1. Interest of 9% is to be provided to AA
2. Salaries of P4,000 is to be given to BB per quarter
3. A bonus of 25% is to be given to AA based on net income after interest and salaries
4. Remaining balance is to be allocated on a ratio of 40:60.
The income summary account has a credit balance of P1,050,000 before profit distribution. BB has a Drawing account amounting to P40,000 which is a withdrawal made by BB in anticipation of future profits on July 1, 2022.
Required - How much is the share of AA in the partnership profits?
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