2. Jacky and Kyla are partners who share profits and losses in the ratio of 60:40 respectively. Jacky salary is P60,000 and P30,000 for Kyla. The partners are also paid interest on their average capital balances. In 2021, Jack received P30,000 of interest and Kyla, P12,000. The profit and loss allocation is determined after deductions for the salary and interest payments. If kyla's share in the residual income (income after deducting salaries and interest) was P60,000 in 2021, what was the total partnership income? * a. P192,000 O b. P345,000 O c. P282,000 O d. P387,000
2. Jacky and Kyla are partners who share profits and losses in the ratio of 60:40 respectively. Jacky salary is P60,000 and P30,000 for Kyla. The partners are also paid interest on their average capital balances. In 2021, Jack received P30,000 of interest and Kyla, P12,000. The profit and loss allocation is determined after deductions for the salary and interest payments. If kyla's share in the residual income (income after deducting salaries and interest) was P60,000 in 2021, what was the total partnership income? * a. P192,000 O b. P345,000 O c. P282,000 O d. P387,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:2. Jacky and Kyla are partners who
share profits and losses in the ratio of
60:40 respectively. Jacky salary is
P60,000 and P30,000 for Kyla. The
partners are also paid interest on their
average capital balances. In 2021, Jacky
received P30,000 of interest and Kyla,
P12,000. The profit and loss allocation
is determined after deductions for the
salary and interest payments. If kyla's
share in the residual income (income
after deducting salaries and interest)
was P60,000 in 2021, what was the
total partnership income? *
a. P192,000
ОБ. Р345,000
О С. Р282,000
O d. P387,000
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