On December 31, 2015 Joe, Mike and Phil are partners in an eatery business with capital balances of P500,000, P300,000 and P200,000 respectively. For 2015 net income earned Was P200,000 less a 30% tax provision a) Give the entry to record the profit distribution There is no profit apreement

On December 31, 2015 Joe, Mike and Phil are partners in an eatery business with capital balances of P500,000, P300,000 and P200,000 respectively. For 2015 net income earned Was P200,000 less a 30% tax provision a) Give the entry to record the profit distribution There is no profit apreement

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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a) Give the entry to record the profit distribution There is no profit apreement

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