Bacalso and tenajeros have respective partnership capital balances of 48,000 and 24,000 on Jan 1. Bacalso withdrew 6,000 on May 1 and 6,000 on July 1. Tenejeros invested an additional 12,000 on April 1 and withdrew 8,000 on Oct. 1. The average caital balances for Bacalso and Tenajeros for the year are A. 36,000; 28,000 B. 41,000; 31,000 C. 42,000; 26,000 D. 48,000; 24,000
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
Bacalso and tenajeros have respective partnership capital balances of 48,000 and 24,000 on Jan 1.
Bacalso withdrew 6,000 on May 1 and 6,000 on July 1. Tenejeros invested an additional 12,000 on
April 1 and withdrew 8,000 on Oct. 1. The average caital balances for Bacalso and Tenajeros for the
year are
A. 36,000; 28,000
B. 41,000; 31,000
C. 42,000; 26,000
D. 48,000; 24,000
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