On March 1, 2023, Glenda and Hari formed GH Partnership with initial investment of P800,000 and...
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On March 1, 2023, Glenda and Hari formed GH Partnership with initial investment of P800,000 and P1,200,000, respectively. Glenda is appointed as the managing partner. The articles of co-partnership provides that profit or loss shall be distributed ance accordingly: 10% interest on original capital contribution ratio. Monthly salary of P10,000 and P5,000 respectively for Glenda and Hari. Glenda shall be entitled to bonus equivalent to 10% of net income after interest, ● and salary. The remainder shall be distributed in ratio of 4:6 for Glenda and Hari respectively. For the year ended December 31, 2023, the partnership reported net income of P1,000,000. What is the share in net income of Glenda for the year ended December 31, 2023? On March 1, 2023, Glenda and Hari formed GH Partnership with initial investment of P800,000 and P1,200,000, respectively. Glenda is appointed as the managing partner. The articles of co-partnership provides that profit or loss shall be distributed ance accordingly: 10% interest on original capital contribution ratio. Monthly salary of P10,000 and P5,000 respectively for Glenda and Hari. Glenda shall be entitled to bonus equivalent to 10% of net income after interest, ● and salary. The remainder shall be distributed in ratio of 4:6 for Glenda and Hari respectively. For the year ended December 31, 2023, the partnership reported net income of P1,000,000. What is the share in net income of Glenda for the year ended December 31, 2023?
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Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
Posted Date:
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