How much is Tony’s share in the net income of the partnership

Transcribed Image Text: 8. How much is Tony’s share in the net income of the partnership?
Tony and Steve formed a partnership on January 1, 2019. Their partnership earned a net income of 1,800,000
for the year ended 2019. The following stipulations are found in their articles of partnership:
• Tony is the receive a monthly salary of P25,000 as compensation for his managing duties in
the partnership
Steve is the receive an annual salary of P180,000 from the partnership
Bonus of 15% is granted to Tony if the partnership income exceeds P1,000,000 (Bonus is
computed based on the excess from P1M)
partner is to receive an interest of 10% based on their weighted average capital balances.
The remaining balance is divided accordingly to Tony and Steve in the ratio of 2:3
The following are the capital transactions of the partners:
Each
Tony
Steve
Debit
Credit
Debit
Credit
1-Jan
600,000
700,000
1-Mar
120,000
1-Apr
1-Jul
1-Sep
30-Sep
300,000
200,000
90,000
240,000
30-Oct
150,000

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