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How much was share of rochelle in partnership net income

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Beverly, and Rochelle are partners in the accounting firm. Their capital account balances were: Beverly, P290,000; and Rochelle, P210,000. They share profits and losses in a 3:2 ratio, after the following agreement:

  1. Interest of 10% on the partner's capital balance;
  2. Annual salaries of P120,000 each to partners
  3. Partner Rochelle to receive a bonus of P50,000;
  4. Net income after tax of 30% for the year amounted to P364,000.

Problem 1: How much was the share of Beverly in the partnership's net income?

Problem 2: How much was the share of Rochelle in the partnership's net income?

Reference no: EM132864711

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