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Compute for the partners respective share in the profit

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Partners A and B share in profits and losses on a 70:30 ratio after salaries of P80,000 for A and P40,000 for B. The business earned profit of P180,000 before deduction for the salaries.

Problem a. Compute for the partners' respective share in the profit.

Problem b. Provide the journal entries (the salaries are withdrawn periodically).

Reference no: EM132929655

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