Juan and Jose are partners who share profits and losses in the ratio of 4:6 respectively. Juan’s salary is P 80,000 and Jose if P 40,000. The partners are paid interest on their average capital balances where Juan received interest of P 30,000 and Jose P 15,000. The profit and loss allocation is determined after deduction for the salary and interest payments. If Jose received P 120,000 from partnership income, what was the total partnership income?

Tomas and Saturn are partners who share income in the ratio of 3:1 (3/4 to Tomas and 1/4 to Saturn). Their capital balances are $80,000 and $120,000, respectively. The partnership generated net income of $30,000. What is Saturn's capital balance after closing the revenue and expense accounts to the capital accounts?

Partners B1 and B2 share income in a 2:1 ratio, respectively. Each partner receives an annualsalary allowance of P72,000. If the salaries are recorded in the accounts of the partnership as anexpense rather than treated as an allocation of profit, the total amount allocated to each partner forsalaries and profit would be a. unchanged for both B1 and B2b. less for both B1 and B2c. more for B1 and less for B2d. more for B2 and less for B1d. more for B2 and less for B1

The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a $7,000 salary and Sue receives a $6,500 salary.  Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A $10,000 C. ($12,000)