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5. Abelardo, Baligod and Cabatingan are partners with average capital balances during 2020 of P378,000, P190,920, and P129,880, respectively. The partners receive 10% interest on their average capital balances; after deducting salaries of P97,860 to Abelardo and P66,100 to Cabatingan, the residual profits or loss is divided equally. In 2020, the partnership had a net loss of P100,499.20 before the interest and salaries to partners. By what amount should Abelardo's and Cabatingan's capital account change increase (decrease)? Abelardo 24,213.60 Cabatingan (32,358.40) 14,029 a. b. 23,581

5. Abelardo, Baligod and Cabatingan are partners with average capital balances during 2020 of P378,000, P190,920, and P129,880, respectively. The partners receive 10% interest on their average capital balances; after deducting salaries of P97,860 to Abelardo and P66,100 to Cabatingan, the residual profits or loss is divided equally. In 2020, the partnership had a net loss of P100,499.20 before the interest and salaries to partners. By what amount should Abelardo's and Cabatingan's capital account change increase (decrease)? Abelardo 24,213.60 Cabatingan (32,358.40) 14,029 a. b. 23,581

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...
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16. Abelardo, Baligod and Cabatingan are partners with average capital balances during 2020 of P378,000, P190,920, and P129,880, respectively. The partners receive 10% interest on their average capital balances; after deducting salaries of P97,860 to Abelardo and P66,100 to Cabatingan, the residual profits or loss is divided equally. In 2020, the partnership had a net loss of P100,499.20 before the interest and salaries to partners. By what amount should Abelardo's and Cabatingan's capital account change increase (decrease)? Abelardo a. 24,213.60 Cabatingan (32,358.40) 14,029 b. 23,581 C. (32,675) 24,988 25,966 d. 22,686
Transcribed Image Text:16. Abelardo, Baligod and Cabatingan are partners with average capital balances during 2020 of P378,000, P190,920, and P129,880, respectively. The partners receive 10% interest on their average capital balances; after deducting salaries of P97,860 to Abelardo and P66,100 to Cabatingan, the residual profits or loss is divided equally. In 2020, the partnership had a net loss of P100,499.20 before the interest and salaries to partners. By what amount should Abelardo's and Cabatingan's capital account change increase (decrease)? Abelardo a. 24,213.60 Cabatingan (32,358.40) 14,029 b. 23,581 C. (32,675) 24,988 25,966 d. 22,686
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