Part-f | ||||||
160000 | 245000 | |||||
f | M | G | Combined | M | G | Combined |
Net Income | 1,60,000 | 1,60,000 | 1,60,000 | 2,45,000 | 2,45,000 | 2,45,000 |
Less:Interest on investment | ||||||
(6%*171000, 57000) (A) | 10,260 | 3,420 | 13,680 | 10,260 | 3,420 | 13,680 |
Less:salary allowance (b) | 60,000 | 90,000 | 1,50,000 | 60,000 | 90,000 | 1,50,000 |
Bonus ( C) | 2,000 | 2,000 | 19,000 | 19,000 | ||
(
160000-60000-90000)*20%:- $2000 (245000-60000-90000)*20%:-19000 |
||||||
Remaining | -5,680 | 62,320 | ||||
Divided equally(1:1) (D) | -2,840 | -2,840 | 31,160 | 31,160 | ||
Net division of income to partner (A+B+C+D) | 67,240 | 92,580 | 1,01,420 | 1,43,580 |
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