Reference no: EM132864699
Problem 1: A partnership agreement specifies salaries to partners, interest on partners' capital, and the remaining profits or losses shared in a fixed ratio. If one year partnership profit is not sufficient to cover both salaries and interest,
A. the entire profit is shared in a fixed ratio.
B. both salaries and interest are allocated to the partners.
C. only salaries are allocated to the partners.
D. only interest is allocated to the partners.
Problem 2: The partnership agreement of Terry and Mandy provides for salary allowances of P90,000 to Terry and P70,000 to Mandy, with the remaining profit or loss to be divided equally. During the year, Terry and Mandy each withdraw cash equal to 80% of their salary allowances. If partnership profit is P200,000, Terry's equity in the partnership, after the distribution of profit, would
A. increase more than Mandy's.
B. increase the same as Mandy's.
C. decrease the same as Mandy's.
D. decrease more than Mandy's.
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