The partnership of Nott and Reese reports net income of P60,000. The partners share equally in income and losses. The entry to record the partners' share of net income will include a* credit to Income Summary for P60,000. credit to Nott, Capital for P30,000. debit to Reese, Capital for P30,000. credit to Reese, Drawing for P30,000.
The partnership of Nott and Reese reports net income of P60,000. The partners share equally in income and losses. The entry to record the partners' share of net income will include a* credit to Income Summary for P60,000. credit to Nott, Capital for P30,000. debit to Reese, Capital for P30,000. credit to Reese, Drawing for P30,000.
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...
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Transcribed Image Text:The partnership of Nott and Reese reports
net income of P6o,000. The partners share
equally in income and losses. The entry to
record the partners' share of net income
will include a*
credit to Income Summary for P60,000.
credit to Nott, Capital for P30,000.
debit to Reese, Capital for P30,000.
credit to Reese, Drawing for P30,000.
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