2. Assume that on January 1, 2018, Allan and Boom formed a partnership with an...
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Accounting
2. Assume that on January 1, 2018, Allan and Boom formed a partnership with an investment of P40,000 by Allan and P60,000 by Boom. On December 31,2018, after closing all income and expenses accounts, the Income Summary account shows a credit balance of P60,000, representing the profit for the year 2018. Changes in the capital during 2018 are summarized as follows:
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