The JR Asia Consultancy Firm is owned and managed by Joffre and Ric. The firm earned...

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The JR Asia Consultancy Firm is owned and managed by Joffre and Ric. The firm earned a net income of P1,500,000 at the end of December 31, 2022. Initial investments of the partners are: Joffre P1,800,000 and Ric P1,200,000. Determine the share (amount) in the profits between Joffre and Ric under each of the following independent cases. a. Divide profit and loss according to an arbitrary ratio of 2:1. b. The partnership agreement is silent in sharing profits and losses. c. Provide interest of 18% on capital, divide remaining profits equally, d. Provide salary of P20,000 per month to Ric as managing partner, divide remaining profits according to the capital ratio. e. Provide salary of P10,000 to each partner, 12% interest on capital contributions, divide remaining profits equally. The JR Asia Consultancy Firm is owned and managed by Joffre and Ric. The firm earned a net income of P1,500,000 at the end of December 31, 2022. Initial investments of the partners are: Joffre P1,800,000 and Ric P1,200,000. Determine the share (amount) in the profits between Joffre and Ric under each of the following independent cases. a. Divide profit and loss according to an arbitrary ratio of 2:1. b. The partnership agreement is silent in sharing profits and losses. c. Provide interest of 18% on capital, divide remaining profits equally, d. Provide salary of P20,000 per month to Ric as managing partner, divide remaining profits according to the capital ratio. e. Provide salary of P10,000 to each partner, 12% interest on capital contributions, divide remaining profits equally.

Answer rating: 100% (QA)

Solution a Divide profit and loss according to an arbitrary ratio of 21 Joffres share of profit 23 x ... View the full answer