2. Jacky and Kyla are partners who share profits and losses in the ratio of 60:40 respectively. Jacky salary is P60,000 and P30,000 for Kyla. The partners are also paid interest on their average capital balances. In 2021, Jack received P30,000 of interest and Kyla, P12,000. The profit and loss allocation is determined after deductions for the salary and interest payments. If kyla's share in the residual income (income after deducting salaries and interest) was P60,000 in 2021, what was the total partnership income? * a. P192,000 O b. P345,000 O c. P282,000 O d. P387,000

2. Jacky and Kyla are partners who share profits and losses in the ratio of 60:40 respectively. Jacky salary is P60,000 and P30,000 for Kyla. The partners are also paid interest on their average capital balances. In 2021, Jack received P30,000 of interest and Kyla, P12,000. The profit and loss allocation is determined after deductions for the salary and interest payments. If kyla's share in the residual income (income after deducting salaries and interest) was P60,000 in 2021, what was the total partnership income? * a. P192,000 O b. P345,000 O c. P282,000 O d. P387,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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