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1. Prepare the profit distribution schedule. Use excel. 2. Journalize the entries to close the income summary. NAME: SCORE: SECTION: PROFESSOR: Problem #2 Rules for

1. Prepare the profit distribution schedule. Use excel.

2. Journalize the entries to close the income summary.

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NAME: SCORE: SECTION: PROFESSOR: Problem #2 Rules for the Distribution of Profits or Losses Remedios Cruz and Noli Valera formed a partnership, investing P330,000 and P110,090 respectively. Determine the partners' participation in the 2014 profit of P420,00 under each of the following independent assumptions: a. No agreement concerning division of profit. P.S b. Divided in the ratio of original capital investment. C. Interest at the rate of 8% allowed on original investments and the remainder divided in the ratio of 2:3. d. Salary allowances of P50,000 and P70,000, respectively, and the balance to be divided equally. e. Allowance of interest at the rate of 8% on original investments, salary allowances of P50,000 and P70,000, respectively, and the remainder to be divided equally

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