Reference no: EM132584411
Partners Ben, Noreen. Lani, and Edwin initially invested $45,000; $60,000; $65,000 and $85,000 each to form a partnership on July 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 Lani:
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 on December 31, 2021 the capital balances of Noreen and Lani total P250,000, how much would have been the total profits given to Edwin at this time (from 2020 to 2021)?
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: If on December 31, 2021 the capital balances of Noreen and Lani total P250,000, how much would have been the total profits given to Edwin at this time?
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