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Questions -
Q1) DC decided to withdraw from his partnership with EC and RT. Before his withdrawal, CJ's capital balance was P406,000, while EC's was P448,000 and RT's was P539,000. Also, the partnership's total assets amounted to P3,150,000, but the partners agreed that a fixed asset was underdepreciated by P105,000. DC, EC and RT share profits and losses in the ratio of 2:4:4, respectively. If DC was paid P372,400 upon his retirement, how much is the remaining partnership net assets after his withdrawal?
A. 1,384,600
B. 1,279,600
C. 915,600
D. 1,125,000
Q2) N is trying to decide whether to accept a salary of P40,000 or a salary of P25,000 plus a bonus of 10% of net income before salary and bonus as a means of allocating profit among the partners. Salaries traceable to the other partners are estimated to be P100,000. What amount of income would be necessary so that N would consider the choices to be equal?
A. 290,000
B. 165,000
C. 150,000
D. 305,000
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