AA, BB and CC are partners with average capital balances during 20xx of P472,500, P238,650 and P162,350, respectively. The partners receive 10% interest on their erage capital balances; after deducting salaries of P122,325 to AA and P82,625 to CC, e residual profits or loss is divided equally. In 20xx, the partnership had a net loss of P125,624 before the interest and salaries to partners

AA, BB and CC are partners with average capital balances during 20xx of P472,500, P238,650 and P162,350, respectively. The partners receive 10% interest on their erage capital balances; after deducting salaries of P122,325 to AA and P82,625 to CC, e residual profits or loss is divided equally. In 20xx, the partnership had a net loss of P125,624 before the interest and salaries to partners

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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