Reference no: EM132959181

Question - Say, Alittle and Prayer are partners in a furniture company. Their partnership agreement provides for the following profit and loss distributions;

-Say, Alittle and Prayer are to receive salaries of P40,000, P36,000, and P13,650, respectively. Say is to receive a bonus equal to 10% of income before the bonus.

-Each partner is to receive 10% interest on the weighted average capital balance. The average capital balances of Say, Alittle and Prayer are P10,000, P7,500, and P46,000 respectively.

-Any remaining profits of losses are to be divided equally among the partners. How much profit must the partnership earn to allow Say a share of P58,000 from said profit?