Billy, Vhong and Jhong have average capital balances during the year of P1,000,000, P400,000, and P1,200,000 respectively. They are paid 10% interest on their average capital balance, each receives a P20,000 monthly salary, and they share remaining profits and losses in a 3:2:1 ratio, respectively. Calculate the share of Jhong if they had P500,000 net income during the year.
Billy, Vhong and Jhong have average capital balances during the year of P1,000,000, P400,000, and P1,200,000 respectively. They are paid 10% interest on their average capital balance, each receives a P20,000 monthly salary, and they share remaining profits and losses in a 3:2:1 ratio, respectively. Calculate the share of Jhong if they had P500,000 net income during the year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Billy, Vhong and Jhong have average capital balances during the year of P1,000,000, P400,000, and P1,200,000 respectively. They are paid 10% interest on their average capital balance, each receives a P20,000 monthly salary, and they share remaining profits and losses in a 3:2:1 ratio, respectively.
Calculate the share of Jhong if they had P500,000 net income during the year.
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