
Concept Introduction:
Allocation of profits: A partnership contract usually provides for the allocation of
Requirement-1:
To determine: The allocation of net income to partners in the absence of specified method
Requirement-2:
To determine: The allocation of net income in the ratio of their initial capital investment
Requirement-3:
To determine: The allocation of net income paying salaries, interest on capital and balance net income equally

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Chapter 12 Solutions
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