Item No. 19 is based on the following information: On January 1, 200C, Bee and Gees had capital balances of P 250,000 and P 200,000, respectively. Their profit and loss sharing agreement has the following provisions: Annual salary of P 200,000 to Gees and P 90,000 to Bee; 10% interest on the opening capital; The remainder of the profit is to be divided equally. 19. If the profit for the year 200C was P 120,000, how much was the share of Bee? a. P 62,500. P 112,500. C. b. P 87,500. d. P 117,500.

Item No. 19 is based on the following information: On January 1, 200C, Bee and Gees had capital balances of P 250,000 and P 200,000, respectively. Their profit and loss sharing agreement has the following provisions: Annual salary of P 200,000 to Gees and P 90,000 to Bee; 10% interest on the opening capital; The remainder of the profit is to be divided equally. 19. If the profit for the year 200C was P 120,000, how much was the share of Bee? a. P 62,500. P 112,500. C. b. P 87,500. d. P 117,500.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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