Jungkook and Jimin partners who share profits and losses in the ratio of 3:2 respectively. Salary: P50,000for Jungkook and P30,000 for Jimin. Interest: P30,000 for Jungkook and P10,000 for Jimin. The profit and loss allocation is determined after deductions for the salary and interest payments. If Jimin's share in the residual income (income after deducting salaries and interest) was P60,000 in 2021, what was the total partnership income? * O 270,000 O 282,000 O 102,000 O 180,000

Jungkook and Jimin partners who share profits and losses in the ratio of 3:2 respectively. Salary: P50,000for Jungkook and P30,000 for Jimin. Interest: P30,000 for Jungkook and P10,000 for Jimin. The profit and loss allocation is determined after deductions for the salary and interest payments. If Jimin's share in the residual income (income after deducting salaries and interest) was P60,000 in 2021, what was the total partnership income? * O 270,000 O 282,000 O 102,000 O 180,000

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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