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Leynes and Morayta form a partnership with investments of P4,000,000 and P2,000,000, respectively. Journalize their participation in net income of P3,000,000, under each of
Leynes and Morayta form a partnership with investments of P4,000,000 and P2,000,000, respectively. Journalize their participation in net income of P3,000,000, under each of the following assumptions: a. No agreement concerning the division of profits. b. Income divided in accordance with original capital investments. C. Interest at the rate of 12% allowed on original investments. Balance divided equally. d. Annual salary of P500,000 and P1,000,000 respectively, balance divided equally.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
