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What is the total share of charize in partnership net income

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Charize, Beatrice and Janice are partners with beginning capital balances of P340,000, P280,000 and P400,000 respectively. The three partners agreed to receive 12% interest on their beginning capital balances. Charize, Beatrice and Janice will be given monthly salaries of P 10,000, P5,000 and P8,000 respectively. Charize the managing partner is given 30% bonus on net income after deducting salaries distributed to partners. Residual profit and loss is to be distributed among the three partners in the ratio of 2:4:4 respectively. The partnership earned a net income of P 410,200.( Ignore Income Tax)

Problem 1: What is the total share of Charize in the partnership net income?

Problem 2: What is the total share of Beatrice in the partnership net income?

Problem 3: What is the total share of Janice in the partnership net income?

Reference no: EM132864719

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