9. A partnership showed the following account balances: sales, P70,000; cost of sales, P40,000; operating expenses. P10,000; partners’ salaries, P13,000; interest paid to banks, P2,000; interest allowances on average capital balances, P2,500 and partners’ drawings, P8,000. How much is the partnership profit?
9. A partnership showed the following account balances: sales, P70,000; cost of sales, P40,000; operating expenses. P10,000; partners’ salaries, P13,000; interest paid to banks, P2,000; interest allowances on average capital balances, P2,500 and partners’ drawings, P8,000. How much is the partnership profit?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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9. A
P40,000; operating expenses. P10,000; partners’ salaries, P13,000; interest paid to
banks, P2,000; interest allowances on average capital balances, P2,500 and partners’
drawings, P8,000. How much is the partnership profit?
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