Reference no: EM132958762
Question - Lily, Susan, and Yen agreed to invite Lucy to join the partnership. Lucy was presently working as a marketing specialist of a dynamic firm and presently receiving a salary of P35,000 per month. In order to encourage Lucy to join the partnership, the partners agreed to the following profit distribution:
12% interest on contributed capital is to be given to each partner.
Salaries of P20,000, P30,000, P40,000, and P35,000 per month is to be given to Lily, Susan, Yen, and Lucy respectively.
Lucy is to receive a minimum guaranteed share equal to her present salary and interest on her capital.
Lily is to receive an aggregate share of P300,000 per year.
Balance of profits is to be distributed in the ratio of 2:2:3:3 between Lily, Susan, Yen, and Lucy respectively.
The partners' capital contributions are: Lily, P200,000; Susan, P150,000; and Yen, P100,000. Lucy is willing to invest sufficient cash so that her capital interest in the partnership net assets will give her a ¼ interest.
How much must the partnership earned during the year so that Lily will receive the agreed aggregate amount and Lucy to receive at least the minimum guaranteed share?
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