Question: PROBLEM 3: EXERCISES 1. Partners A and B share in profits and los es on a 70:30 ratio after salaries of P80,000 for A and

PROBLEM 3: EXERCISES 1. Partners A and B share in profits and los es on a 70:30 ratio after salaries of P80,000 for A and P40,000 or B. The business earned profit of P180,000 before deduction or the salaries. Requirements: a. Compute for the partners' respective share in the profit. b. Provide the journal entries (the salar s are withdrawn periodically). 2. A and B's partnership agreement provi for annual salary allowances of P160,000 for A and P80,( for B. Profits are shared equally, while losses on a 70:30 ratio. The partnership earned profit of P200,000. Requirement: Compute for the respective shares of the partners in the profit.PROBLEM 3: EXERCISES 1. Partners A and B share in profits and los es on a 70:30 ratio after salaries of P80,000 for A and P40,000 or B. The business earned profit of P180,000 before deduction or the salaries. Requirements: a. Compute for the partners' respective share in the profit. b. Provide the journal entries (the salar s are withdrawn periodically). 2. A and B's partnership agreement provi for annual salary allowances of P160,000 for A and P80,( for B. Profits are shared equally, while losses on a 70:30 ratio. The partnership earned profit of P200,000. Requirement: Compute for the respective shares of the partners in the profit

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