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How much should be allocated to mm

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Partners MM and LL have profit and loss agreement with the following provisions: salaries of P30,000 and P45,000 for MM and LL, respectively; a bonus to MM of 10% net income after salaries and bonus; and interest of 10% on average capital balances of P20,000 and P35,000 for MM and LL, respectively. One-third of any remaining profits will be allocated to MM and the balance to LL. If the partnership had a net income of P104,500,

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Problem 1: How much should be allocated to MM, assuming the provisions of the profit and loss agreement are ranked by order of priority, starting with salaries?

Reference no: EM132822994

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