Cliff and Burton are partners in F Clef Co. Their partnership agreement states that Cliff is entitled to an annual salary of P100,000 and a bonus of 10% of profit after salary but before bonus. The remainder is shared in the ratio of 7:2. Burton's share in partnership profit for the year was P296,000. How much was Cliff's share? a. 1,332,894 b. 1,292,342 c. 1,284,000 d. 1,220,000

Cliff and Burton are partners in F Clef Co. Their partnership agreement states that Cliff is entitled to an annual salary of P100,000 and a bonus of 10% of profit after salary but before bonus. The remainder is shared in the ratio of 7:2. Burton's share in partnership profit for the year was P296,000. How much was Cliff's share? a. 1,332,894 b. 1,292,342 c. 1,284,000 d. 1,220,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...

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