The net income of the Pine and Miles partnership is P180,000, The partnership agreement specifies that Pine and Miles have a salary allowance of P48,000 and P72,000, respectively. The partnership agreement also specifies an interest allowance of 10% on capital balances at the beginning of the year. Each partner had a beginning capital balance of P120,000. Any remaining net income or net loss is shared equally. What is Pine's share of the Pi8o,000 net income?
The net income of the Pine and Miles partnership is P180,000, The partnership agreement specifies that Pine and Miles have a salary allowance of P48,000 and P72,000, respectively. The partnership agreement also specifies an interest allowance of 10% on capital balances at the beginning of the year. Each partner had a beginning capital balance of P120,000. Any remaining net income or net loss is shared equally. What is Pine's share of the Pi8o,000 net income?
Chapter21: Partnerships
Section: Chapter Questions
Problem 2BCRQ
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