Reference no: EM132833904
The partnership agreement of Vannah, Wanine, and Ully provides that profits are to be divided as follows:
- Ully receives a salary of P24,000 and Wanine receives a salary of P18,000 for time spent in the business.
- All partners receive 10% interest on average capital balances.
- Remaining profits and losses are divided equally among the three partners.
On January 1, 20x2 the capital balances were Vannah, P200,000; Wanine, P160,000; and Ully, P150,000. Vannah invested an additional P40,000 on July 1 and withdrew P40,000 on October 1. Ully and Wanine had drawings of P18,000 each during the year.
Problem 1: If the net income for the year was P28,000, how much must be the share of Ully?
a. P16,400
b. P17,000
c. P17,400
d. P12,000
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