A B alary allowance nterest on ave. capital balance 10% emainder P30,000 P10,000 P40,000 10% 10% 40% 40% 20% he average capital balances for the current year were P50,000 for A, P30,000 for B, and P20,000 FOR c. 1. Assuming a current year net income of P150,000, what amount should be allocated to each partner? 2. Assuming a current year net income of P50,000, what amount should be allocated to each partner?

A B alary allowance nterest on ave. capital balance 10% emainder P30,000 P10,000 P40,000 10% 10% 40% 40% 20% he average capital balances for the current year were P50,000 for A, P30,000 for B, and P20,000 FOR c. 1. Assuming a current year net income of P150,000, what amount should be allocated to each partner? 2. Assuming a current year net income of P50,000, what amount should be allocated to each partner?

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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