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What was the total partnership income

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Question 1: J and P are partners who share profits and losses in the ratio of 6:4 respectively. J's salary is P 100,000 and P is P 50,000. The partners also are paid interest on their average capital balances. In 2020, J received P 50,000 of interest and P, P 20,000. The profit and loss allocation is determined after deductions for the salary and interest payments. If P's total share of partnership income was P 200,000 in 2020, what was the total partnership income?

Reference no: EM132625250

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