Question
3. The partnership contract of Ivan and Irvin provided for salaries of P90,000 to Ivan and P70,000 to Irvin, with any remaining income or loss
3. The partnership contract of Ivan and Irvin provided for salaries of P90,000 to Ivan and P70,000 to Irvin, with any remaining income or loss divided equally. During, 2020, pre salaries income of Ivan and Irvin Co. was P200,000, and both Ivan and Irvin withdrew cash from the partnership equal to 80% of their salary allowance, During 2020, Ivans equity in the partnership:
a. Increase more than Irvins equity
b. Decrease more than Irvins equity
c. Increase the same amount as Irvins equity
d. Decrease the same amount as Irvins equity
4. A retiring partner withdraws his interest at book value receives assets
a. Above his capital interest
b. Below his capital interest
c. Equal to his capital interest
d. None of the choices
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