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Problem 1: Psy and Clyd formed a partnership on January 1, 2018 by contibuting capital of P262,500 and P37,500, respectively. They agreed to share profits and losses 70% and 30% respectively. Clyd manages the partnership and is given a salary of P5,000 a month and bonus of 20% of net income before salary, interest and bonus. Interest of 5% of the beginning capital is to be given to each partner and any remainder is to be divided according to their profit and loss ratio. For the year ended December 31, 2018, the partnership generated a net income of P48,000 after salaries, interests and the bonus. What is the amount received by Psy in the distribution of profit?
a. 33,600 b. 45,725 c. 77,475 d. 46,725
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