Reference no: EM132958290
Question - A, B, C and D established a publishing company on January 2, 2018 that they operate as a partnership. The partnership agreement includes the following:
a. A receives a salary of P20,000 and a bonus of 3% of income after all bonuses.
b. B receives a salary of P10,000 and a bonus of 2% of income after all bonuses.
c. All partners are to receive 10% interest on their average capital balances.
The average capital balances are as follows: A - P50,000; B - P45,000; C - P20,000 and D - P42,000. Any remaining profits and loss are to be divided equally among the partners.
Required -
1. Allocate the net income (loss) to the partners.
2. Prepare the Statement of Changes in Capital.
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