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The partnership agreement provided for a salary allowance of P6,000 per month to partner L, and the balance to be divided equally between partners L
The partnership agreement provided for a salary allowance of P6,000 per month to partner L, and the balance to be divided equally between partners L and M. L made no additional partnership investments during the year, but withdrew P7,000 per month. Net income for the year was P120,000. The net change in L's capital account was a: P12,000 increase P54,000 P12,000 P60,000 increase
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