11. X Partnership, a general professional partnership, had the following data in 2020;Gross IncomeP1,000,000Deductions300,000Partners A and B agreed to divide the profits and losses, 60% and 40% respectively.How much is the income subject to tax of X Partnership?а. РОb. P1,000,000c. P700,000d. P1,300,000

Partnership can be referred to as a form of business in which two or more persons agree to mutually…

11. XPartnership, a general professional partnership, had the following data in 2020; P1,000,000 300,000 Gross Income Deductions Partners A and B agreed to divide the profits and losses, 60% and 40% respectively. How much is the income subject to tax of X Partnership? a. PO b. P1,000,000 C. P00,000 d. P1.300.000

11. XPartnership, a general professional partnership, had the following data in 2020; P1,000,000 300,000 Gross Income Deductions Partners A and B agreed to divide the profits and losses, 60% and 40% respectively. How much is the income subject to tax of X Partnership? a. PO b. P1,000,000 C. P00,000 d. P1.300.000

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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