Show the solution in good accounting form John and Paul are partners who share profits and losses in the ratio of 3:2 respectively. John's salary is P180,000 and Paul's is P140,000. The partners are paid interest on their average capital balances where John received interest of P 30,000 and Paul, P 15,000. The profit and loss allocation is determined after deduction for the salary and interest payments. If John received P280,000 from partnership income, what was the total partnership income? *
Show the solution in good accounting form John and Paul are partners who share profits and losses in the ratio of 3:2 respectively. John's salary is P180,000 and Paul's is P140,000. The partners are paid interest on their average capital balances where John received interest of P 30,000 and Paul, P 15,000. The profit and loss allocation is determined after deduction for the salary and interest payments. If John received P280,000 from partnership income, what was the total partnership income? *
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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Show the solution in good accounting form
John and Paul are partners who share profits and losses in the ratio of 3:2 respectively. John's salary is P180,000 and Paul's is P140,000. The
partners are paid interest on their average capital balances where John received interest of P 30,000 and Paul, P 15,000. The profit and loss allocation is determined after deduction for the salary and interest payments.
If John received P280,000 from partnership income, what was the total partnership income? *
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