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Question - Crystal and Dukeformed a partnership on January 1, 2009. Crystal invested P60,000, Duke P40,000. Each withdrew P5,000 on each of the following dates during 2009; March 1, July 1 and November 1. These capital withdrawals in total were equal to salaries for the year. Interest of 9% was to be paid partners on the basis of their average capital balances excluding net income. Additionally Crystal was to get a 20% bonus based on partnership net income after the bonus, but before the salaries and interest. Any remaining profit (or loss) was to be allocated equally.
If partnership net income was P100, 000, how was it to be allocated Crystal?
a. 54,900
b. 53,400
c. 36,600
d. none of the above
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