7. The partners of MMK Partnership are Mara, Mira and Kara. During the current year, their average capital balances are as follows: Mara – P 140,000; Mira – P 100,000; Kara -P 120,000. The articles of...

Required:

1. How much will Mira receive if the net income earned is P 155,000? *

2. Except that the company incurred net loss of P 9,200, compute for the share of each partner. *

Extracted text: 7. The partners of MMK Partnership are Mara, Mira and Kara. During the current year, their average capital balances are as follows: Mara – P 140,000; Mira – P 100,000; Kara -P 120,000. The articles of partnership provided the following terms: 1. Annual interest of 5% on their average capital balances. 2. Salary allowances as follows: Mara – P 40,000 and Mira – P 60,000. 3. Mira shall receive bonus of 20% of income in excess of P25,000 after partner's interest and Salary allowances. 4. Residual profits shall be divided in the ratio of 2:2:6 to Mara, Mira and Kara. How much will Mira receive if the net income earned is P 155,000? x1 Page: 1/2 Section: 1/1 Setvalue: 4.Sin Row: 16 Column 43 Words: 937 a Spell Check 193% - +