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The amount of bonus to PP in 2015 amounted to: a. P18,000 C. P13,304 b. P16,456 d. P20,700

The amount of bonus to PP in 2015 amounted to: a. P18,000 C. P13,304 b. P16,456 d. P20,700

FINANCIAL ACCOUNTING
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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On January 2, 2015, BB and PP formed a partnership. BB contributed capital of P175,000 and PP P25,000. They agreed to share profits and losses 80% and 20% respectively, PP is the general manager and works in the partnership full time and is given a salary of a month; an interest of 5% of the beginning capital (of both partner) and a bonus of net income before the salary, Interest and the bonus. P5,000 of 15% The profit and loss statement of the partnership for the year ended December 31, 2015 is as follows: Net sales. P875,000 Cost of goods sold. 700,000 .....*... Gross profit. 175,000 Expenses (including the salary, interest and the bonus) 143,000 Net income. P 32,000 The amount of bonus to PP in 2015 amounted to: С. Р13,304 d. P20,700 а. Р18,000 b. Р16,456 2.
Transcribed Image Text:On January 2, 2015, BB and PP formed a partnership. BB contributed capital of P175,000 and PP P25,000. They agreed to share profits and losses 80% and 20% respectively, PP is the general manager and works in the partnership full time and is given a salary of a month; an interest of 5% of the beginning capital (of both partner) and a bonus of net income before the salary, Interest and the bonus. P5,000 of 15% The profit and loss statement of the partnership for the year ended December 31, 2015 is as follows: Net sales. P875,000 Cost of goods sold. 700,000 .....*... Gross profit. 175,000 Expenses (including the salary, interest and the bonus) 143,000 Net income. P 32,000 The amount of bonus to PP in 2015 amounted to: С. Р13,304 d. P20,700 а. Р18,000 b. Р16,456 2.
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