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Problem 1: PJ, Ian, and Lemuel are partners in an accounting firm. Their capital account balances at year-end were PJ, P180,000; Ian, P220,000; and Lemuel, P100,000. They share profits and losses on a 4:4:2 ratio, after the following special terms: 1) Partner Ian is to receive a bonus of 10% of net income after the bonus. 2) Interests of 10% shall be paid on that portion of a partner's capital in excess of P200,000. 3) Salaries of P20,000 and P24,000 shall be paid to partners PJ and Lemuel , respectively. Assuming a net income of P88,000 for the year, the total profit share of partner Lemuel was
HA 3011 Advanced Financial Accounting Assignment. Identify the key estimates and assumptions used by your firm in conducting the impairment testing
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