Philip and Lance have decided to form a partnership by investing ($100000) and ($80000) respectively. The following
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Philip and Lance have decided to form a partnership by investing \($100000\) and \($80000\) respectively. The following plans for dividing profits and losses are under consideration.
- Sharing profits equally
- A \($20000\) salary to Philip, a \($30000\) salary to Lance, and the remainder in the ratio of 6:4
- A \($25000\) salary to Lance, 8% interest on their original investments, and the remainder equally
Sharing profits in the ratio of their original investments
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Related Book For
Accounting
ISBN: 9780730382737
11th Edition
Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie
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