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Shinagawa Company was set up on March 31, 2019 with Jinawa investing equipment costing P200,000 with a current fair value of P300,000. Obi invested cash thrice Jinawa's contribution. Partners agreed that Obi is to receive an annual salary of P120,000 while Jinawa is to receive a 20% bonus. The remaining is to be shared according to their initial capital balances.
You are then required to compute for the following with its each respective assumption per year: Problem 1: Net loss amounting to P60,000 was incurred in 2019. Consider that bonus is based on net income after salary. What was the loss attributable to Obi?
Problem 2: Net income amounting to P300,000 was earned in 2020. Consider that bonus is based on net income before salary and bonus. What was the profit distribution for Jinawa?
Problem 3: Net income amounting to P300,000 was also earned in 2021. Consider that bonus is based on net income after salary and bonus. What was the profit distribution for Jinawa?
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