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How much is the share of mai in the profits of the company

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Question - Mai, Nit, Tin, and Yulo· Interest of 10% of capital be given to all partners formed a partnership. Their capital contribution for the year were P200,000, P300,000, P400,000, and P0, being Yulo as an industrial partner. Profit sharing arrangement are as follows:

Salary of P20,000 per month be given to Yulo and P5,000 per month for the rest.

Bonus of 20% of net income after interest and salary be given to Yulo

Remainder would be distributed equally.

If net income for the year amounted to P600,000, how much is the bonus given to Yulo?

A. 100,000 B. 18,000 C. 120,000 D. 80,000

If net income for the year amounted to P600,000, how much is the share of Mai in the profits of the company?

A. 98,000 B. 0 C. 118,000 D. 108,000

Reference no: EM133048655

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