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Question - Kapitan and Kagawad opened a retail store on December 31 2020. The partnership agreement calls for annual salaries to Kapitan and Kagawad of 120,000 and 240,000 respectively interest of 20% on average investments remaining to be shared equally.
On December 31 2021 the partners were able to withdraw their allowed salary except for the month of December Capital accounts at the end of 2021 were 160,000 and 140,000 respectively after each partner made an additional investment of 40,000 each on July 1 for Kapitan and on Octerber 1 for Kagawad.
If net income is 80,000 after tax, determine the share of Kapitan in the net income?
a. 343,000
b. 342,000
c. 350,000
d. 355,000
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