Question - The net income of X and Y Company for 2020 amounted to 2016000, X is the managing partner, the partners agreed to the distribution of income as follows:
Bonus of 20% to X
Salaries of X 192000, Y 288000
Interest on average capital balance X 57600 , Y 38400
Balance be divided equally
Required - Prepare a schedule of net income allocation bonus is based on the net income after bonus but before salaries and interest.