Reference no: EM132584405
Partners Ben, Noreen. Lani. and Edwin initially invested $45.000; $60.000; $65.000 and $85.000 each to form a partnership on June 1, 2020. They divide profit and losses based on the following:
a) Annual Salaries of $15,000, $20,000 and $20,000 to Ben, Noreen, and Ian':
b) 10% annual Interest on original capital to Lani:
c) 20% bonus to Edwin before salaries, interest, and bonus:
d) The balance is to be divided Into a 4:3:2:1 ratio to Ben, Noreen, Lani, and Edwin each, respectively.
Question 1: If for 2020, Ben and Lani received a total of P47,000 from the partnership, how much would Edwin receive?
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