Boogie and Chacha Co. reported a net income of Php430,000 for the first year of its operations.
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Boogie and Chacha Co. reported a net income of Php430,000 for the first year of its operations. Partner salary allowances are Boogie Php160,000 and Chacha Php120,000. Indicate the division of net income to each partner, assuming the income ratios are 7:3 for Boogie and Chacha, respectively.
Expert Answer:
To calculate the amount transferred to partners capital account We will add the partners salary a... View the full answer
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