Partnership net loss of P132,000 is to be divided between partners Doods and Elsie according to the following: There will be salary allowances of$70,000 for Doods and P30,000 for Elsie, with the remainder divided 55% for Doods and 45% for Elsie. How much of the net loss will be distributed toDoods and Elsie, respectively?

Solution: In partnership, income is divided between partner in profit sharing ratio defined, if…

Partnership net loss of P132,000 is to be divided between partners Doods and Elsie according to the following: There will be salary allowances of P70,000 for Doods and P30,000 for Elsie, with the remainder divided 55% for Doods and 45% for Elsie. How much of the net loss will be distributed to Doods and Elsie, respectively?

Partnership net loss of P132,000 is to be divided between partners Doods and Elsie according to the following: There will be salary allowances of P70,000 for Doods and P30,000 for Elsie, with the remainder divided 55% for Doods and 45% for Elsie. How much of the net loss will be distributed to Doods and Elsie, respectively?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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