Reference no: EM132961954
Question - On January 1, 20x20, A, B and C formed ABC Partnership with original capital contribution of P300,000, P500,000 and P200,000. A is appointed as managing partner.
During 20x20, A, B and C made additional investments of P500,000, P200,000 and P300,000, respectively. At the end of 20x20, A, B and C made drawingsof P200,000, P100,000 and P400,000, respectively. At the endof20x20, the capital balance of C is reported at P320,000. The profit or loss agreement of the partners is as follows:
10% interest on original capital contribution of the partners.
Quarterlysales of P40,000 and P10,000 for A and B respectively.
Bonus to A equivalent to 20% of Net income after interest and salary to all partners.
Remainder is to be distributed equally among the partners.
Required - What is each partner's share in partnership profit for 20x20?
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