Reference no: EM133044331

Question - John and Paul are partners who share profits and losses in the ratio of 3:2 respectively. John's salary is P180,000 and Paul's is P140,000. The partners are paid interest on their average capital balances where John received interest of P 30,000 and Paul, P 15,000. The profit and loss allocation is determined after deduction for the salary and interest payments. If John received P280,000 from partnership income, what was the total partnership income?

The partners of Triple A Partnership are Adah, Ana and Ara. During the current year, their average capital balances are as follows: Adah - P 180,000; Ana - P160,000; Ara - P 150,000. The articles of partnership provided the following terms: 1. Annual interest of 8% on their average capital balances. 2. Salary allowances as follows: Adah - P 50,000 and Ana - P 80,000. 3. Ana shall receive bonus of 15% of income in excess of P40,000 after partner's interest and salary allowances. 4. Residual profits shall be divided in the ratio of 2:2:6 to Adah, Ana and Ara. What amount will Ana receive if the net income earned is P 470,000?

What amount must the remaining assets be sold in order for Julia to receive P197,500 after liquidation?