CC, PP and AA, accountants agree to form a partnership and to share profits in the ratio of 5:3:2. They also agreed that AA is to be allowed a salary of P28,000, and that PP is to be guaranteed P21,000 as his share of the profits, during the first operatioms, income from fees are P180,000, while expense total P96,000. What amount of net income should be credited to each partner's capital account?
CC, PP and AA, accountants agree to form a partnership and to share profits in the ratio of 5:3:2. They also agreed that AA is to be allowed a salary of P28,000, and that PP is to be guaranteed P21,000 as his share of the profits, during the first operatioms, income from fees are P180,000, while expense total P96,000. What amount of net income should be credited to each partner's capital account?
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 2PA: Arun and Margot want to admit Tammy as a third partner for their partnership. Their capital balances...
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CC, PP and AA, accountants agree to form a
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