PP and QQ are partners operating a chain of retail stores. The partnership agreement provides for the following: PP Salaries.. QQ P5,000 P10,000 Interest on average capital balances. Bonus. 10% 10% .20% of net income before interest but after bomus and salaries 70% None remainder. 30% The income summary for year 2020 shows a credit balance of P51,000 before any deductions. Average capital balances for PP and QQ are PS0,000 and P75,000, respectively. The share of PP and QQ in the P51,000 net income would be,

AaBbC AaBbCcI AaBbC AaBbCcl AaBbCc AaBbCcL O Find x A A E=EE E E Replace 1 Normal Title 1 No Spac... Heading 1 Heading 2 Heading 3 Heading 4 Select ont Paragraph Styles Editing QUESTION 3 Penco Ltd. operates a defined benefit pension scheme for all of its employees. The closing balances on the scheme assets and liabilities, at 31 December 2016, were S60 million and $64 million respectively. Penco's actuary has provided the following information that has yet to be accounted for in the year-ended 31 December 2017. $m Current service cost 9. Past service cost 8. Contributions paid in Benefits paid out 6. 66 Fair value of plan asset 75 Fair value of plan liabilities 5% Yield on high quality corporate bonds Required Calculate the amounts that will appear in the financial statements of Penco for the year-ended 31 December 2017. D. Focus 28°C Sunny ^ D G EG 61 37 121

The E.N.D. partnership has the following capital balances as of the end of the current year: Pineda . . . . . . . . . . . . . . . .. . $230,000Adams . . . . . . . . . . . . . . . . . . 190,000Fergie . . . . . . . . . . . . . . . . . . 160,000Gomez . . . . . . . . . . . . . . . .  . 140,000Total capital . . . . . . . . . . . . .  $720,000 Answer each of the following independent questions:a. Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $190,000 based on the terms of the original partnership agreement. If the goodwill method is used, what is the capital balance of the remaining three partners?b. Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and is paid $280,000 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital balance of the remaining three partners?

None