Question: Problem: Prepare the journal entries and computation to record the division of profit using the following assumptions: 1. Each partner is allowed 10% interest on

Problem: Prepare the journal entries and computation to record the division of profit using the following assumptions: 1. Each partner is allowed 10% interest on ending capital and remaining is divided equally 2. Andy, the managing partner, is allowed a salaries of P150,000 and the remainder divided in 4:1 ratio 3. Andy, the managing partner, is allowed a bonus of 20% of profit: a. Bonus is before bonus and income tax; remainder equally divided b. Bonus is after deduction of bonus but before income tax; remainder equally c. Bonus is before deduction of bonus but after income tax; remainder equally d. Bonus is after bonus and income tax; remainder equally

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