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1. A and B formed a partnership. The partnership agreement stipulates the following • Annual salary allowances of P80,000 for A and P40,000 for B. • The partners share profits equally and losses on a 60:40 ratio. During the period, the partnership earmed profit of P100,000. How much was the share of A?

1. A and B formed a partnership. The partnership agreement stipulates the following • Annual salary allowances of P80,000 for A and P40,000 for B. • The partners share profits equally and losses on a 60:40 ratio. During the period, the partnership earmed profit of P100,000. How much was the share of A?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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How much was the share of A?

1. A and B formed a partnership. The partnership agreement stipulates the following • Annual salary allowances of P80,000 for A and P40,000 for B. • The partners share profits equally and losses on a 60:40 ratio, During the period, the partnership earmed profit of P100,000. How much was the share of A?
Transcribed Image Text:1. A and B formed a partnership. The partnership agreement stipulates the following • Annual salary allowances of P80,000 for A and P40,000 for B. • The partners share profits equally and losses on a 60:40 ratio, During the period, the partnership earmed profit of P100,000. How much was the share of A?
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