George and Vivian formed GV Partnership in 2020. The partnership agreement provides for annual salary allowances of P 55,000 for George and P 45,000 for Vivian. The partners share profits and losses in a 60/40 ratio. The partnership had earnings of P 80,000 for 2020 before any allowance to partners. What amount of these earnings should be credited to the capital account of George and Vivian respectively?
George and Vivian formed GV Partnership in 2020. The partnership agreement provides for annual salary allowances of P 55,000 for George and P 45,000 for Vivian. The partners share profits and losses in a 60/40 ratio. The partnership had earnings of P 80,000 for 2020 before any allowance to partners. What amount of these earnings should be credited to the capital account of George and Vivian respectively?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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George and Vivian formed GV Partnership in 2020. The partnership agreement provides for annual salary allowances of P 55,000 for George and P 45,000 for Vivian. The partners share
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