Reference no: EM132713296
On January 2, 2019. B and Q formed a partnership. B contributed capital of P175,000 and Q, P25,000. They agreed to share profits and losses in the ratio of 8:2, respectively. Q is the general manager and works in the partnership full time. Q is given a salary of P5,000 a month; an interest of 5% of the beginning capital (of both partners) and a bonus of 15% of profit before salary, interest and bonus. The statement of financial performance of the partnership for the year ended Dec. 31, 2019 follows:
Net Sales.................................................................................P875,000
Less: Cost of sales........................................................................700,000
Gross profit................................................................................175,000
Expenses (including the salary, interest and bonus)..................................143,000
Profit........................................................................................P32,000
Problem 1: The amount of bonus to Q in 2019 amounted to ________________.
a. P16,456
b. P13,304
c. P20,700
d. P18,000
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