A, a partner in the ABC Partnership, has a 30% participation in partnership profits and losses. A’s capital account has a net decrease of P 60,000 during the calendar year 2021. During 2021, A withdrew P130,000 (charged against his capital account) and contributed property valued at P 25,000 to the partnership. What was the net income of the ABC Partnership for 2021?
A, a partner in the ABC Partnership, has a 30% participation in partnership profits and losses. A’s capital account has a net decrease of P 60,000 during the calendar year 2021. During 2021, A withdrew P130,000 (charged against his capital account) and contributed property valued at P 25,000 to the partnership. What was the net income of the ABC Partnership for 2021?
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 12DQ
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A, a partner in the ABC
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