6. Gan and Da are partners who share profits and losses in the ratio of 60% : 40%, respectively. Gan’s salary is P120,000 and Da’s is P60,000. The partners are also paid
6. Gan and Da are partners who share profits and losses in the ratio of 60% : 40%, respectively. Gan’s salary is P120,000 and Da’s is P60,000. The partners are also paid
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 1PB: The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a...
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6. Gan and Da are partners who share profits and losses in the ratio of 60% : 40%,
respectively. Gan’s salary is P120,000 and Da’s is P60,000. The partners are also paid
interest on their average capital balances. In 2015, Gan received P60,000 of interest and
Da, P24,000. The
and interest payments. If Da’s share in the residual income (income after deducting
salaries and interest) was P120,000 in 2015, what was the total
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