Ben and Carl invested P300,000 each, in a partnership. They share in the profits as follows:●10% interest on beginning capital balances;●P98,000 salary allowances to both partners; and●All remaining profits accrue to Carl.If the partnership realized a P400,000 net income during the year ended 2021, how much would Carl's sharebe?

Carl and Ben are having equal share in the profit. From the total profit we deduct interest on…

nd Carl invested P300,000 each, in a partnership. They share in the profits as folla % interest on beginning capital balances; 8,000 salary allowances to both partners; and remaining profits accrue to Carl. partnership realized a P400,000 net income during the year ended 2021, how mu

nd Carl invested P300,000 each, in a partnership. They share in the profits as folla % interest on beginning capital balances; 8,000 salary allowances to both partners; and remaining profits accrue to Carl. partnership realized a P400,000 net income during the year ended 2021, how mu

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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