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What is the balance of allen capital account

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Question - The net income of the West and Allen partnership is P180,000. The partnership agreement specifies that West and Allen have an annual salary allowance of P48,000 and P72,000, respectively. The partnership agreement also specifies an interest allowance of 10% on capital balances at the beginning of the year. Each partner had a beginning capital balance of P120,000. Any remaining net income or net loss is shared equally.

What is the balance of Allen's Capital account at the end of the year after net income of P180,000 has been distributed?

A. 222,000 B. 102,000 C. 192,000 D. 210,000

What is West's share of the P140,000 net income?

A. 82,000 B. 58,000 C. 62,000 D. 86,000

Reference no: EM133046997

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