Question
Distribution of Profits or Losses based on partner's agreement Puti, Pula and Itim are partners who shares profits and losses 40:40:20, respectively, after Pula, who
Distribution of Profits or Losses based on partner's agreement Puti, Pula and Itim are partners
who shares profits and losses 40:40:20, respectively, after Pula, who manages the
partnership,receives a bonus of 10% of income after deducting the bonus. Partnership income for
the year is P506,000.
Required:
Prepare schedule to allocate partnership income to Puti, Pula and Itim
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Financial Accounting
Authors: Jamie Pratt, Michael F Peters
11th Edition
1119745322, 978-1119745327
