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Find what amount of net income should be credited

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Problem 1: CC, DD, and EE, doctors, agree to form a partnership and to share profits in the ratio of 5:3:2. They also agreed that EE is to be allowed a salary of P 14,000, and that DD is to be guaranteed P 10,500 as his share of the profits. During the first year of operation, income from fees are P 90,000, while expenses total P 48,000. What amount of net income should be credited to each partners' capital account?

Reference no: EM132625255

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