The partnership contract of NRR Partnership provided for the division of net income or losses in the following manner: 1) Bonus of 20% of income before the bonus to Norman; 2) Interest at 15% on average capital account balances to each partners; 3) Any residual profit or loss equally to each partner. The net income of NRR partnership for 2021 was P90,000, and the average capital account balances for the year were Norman - P100,000; Ram - P200,000; and Rocco - P300,000. The share of Norman from the above net income was
The partnership contract of NRR Partnership provided for the division of net income or losses in the following manner: 1) Bonus of 20% of income before the bonus to Norman; 2) Interest at 15% on average capital account balances to each partners; 3) Any residual profit or loss equally to each partner. The net income of NRR partnership for 2021 was P90,000, and the average capital account balances for the year were Norman - P100,000; Ram - P200,000; and Rocco - P300,000. The share of Norman from the above net income was
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The partnership contract of NRR Partnership provided for the division of net income or losses in the following manner:
1) Bonus of 20% of income before the bonus to Norman;
2) Interest at 15% on average capital account balances to each partners;
3) Any residual profit or loss equally to each partner.
The net income of NRR partnership for 2021 was P90,000, and the average capital account balances for the year were Norman - P100,000; Ram - P200,000; and Rocco - P300,000.
The share of Norman from the above net income was?
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