1. Love and Faith have been operating an accounting firm as partners for a number of years and at the beginning of 2016, their capital balances were P120,000 and P150,000, respectively. During 2016, Love invested an additional P20,000 on April 1 and withdrew P12,000 on August 30. Faith withdrew P24,000 on May 1 and invested P10,000 on November 1. 
2. 
   
3. In addition, Love and Faith withdrew their salary allowances of P36,000 and P42,000, respectively. At the year-end of 2016 total capital of the Love and Faith, the partnership was P360,000. Love and Faith share income after salary allowances in a ratio of 55:45.
4. The share of Love on the 2016 net income is:

Answer rating: 100% (QA)

ANS WER P 162 000 C AL C UL ATION Love s share of ... View the full answer