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What was the total partnership income

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Question - J and K are partners who share profit and losses in the ratio of 609%:40% respectively. J's salary is P60,000 and P30,000 for K. The partners also paid interest on their average capital balances. In 2020, J received P30,000 of interest and K, P12,000. The profit or loss allocation is determined after deductions for the salary and interest payments. If K's share in the residual income (income after deducting salaries and interest) was P60,000 in 2020, what was the total partnership income?

Reference no: EM133118372

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