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What is the balance of miles capital account at the end

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The net income of the Pine and Miles partnership is P180,000. The partnership agreement specifies that Pine and Miles have a salary allowance of P48,000 and P72,000, respectively. The partnership agreement also specifies an interest allowance of 10% on capital balances at the beginning of the year. Each partner had a beginning capital balance of P120,000. Any remaining net income or net loss is shared equally.

Problem 1: What is Pine's share of the P180,000 net income?

a. P48,000

b. P60,000

c. P66,000

d. P78,000

Problem 2: What is the balance of Miles' Capital account at the end of the year after net income has been distributed?

a. P204,000

b. P192,000

c. P222,000

d. P210,000

Reference no: EM132786879

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