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Prepare a schedule of net income allocation bonus

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Question - The net income of X and Y Company for 2020 amounted to 2016000, X is the managing partner, the partners agreed to the distribution of income as follows:

Bonus of 20% to X

Salaries of X 192000, Y 288000

Interest on average capital balance X 57600 , Y 38400

Balance be divided equally

Required - Prepare a schedule of net income allocation bonus is based on the net income after bonus but before salaries and interest.

Reference no: EM132104852

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