FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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GI-HUN, SANG-WOO and SAE-BYEOK are partners of Push-it Partnership. Their capital balances are GI-HUN - P400, SANG-WOO - P280 and SAE-BYEOK - P120.


The following are their agreement in their profit sharing:
25% bonus to GI-HUN based on profit after deducting the said bonus.
SANG-WOO and SAE-BYEOK will be given 10% interest each on their capital balances.
The remaining profits will be shared in the ratio of 5:2:1 for GI-HUN, SANG-WOO and SAE-BYEOK respectively.


5. How much is the profit share of GI-HUN if the profit is P90?
6. How much will be the income (loss) if the share of GI-HUN is P255?
7. How much will be the income (loss) if the share of SANG-WOO is P21?
8. How much will be the income (loss) if the share of SAE-BYEOK is P3?

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