Cabang, a partner in the Cabang and Menace Partnership has a 30% share in the partnership profit and loss. His capital account had a net decrease of P60,000 in 2003. In 2003, he withdrew P130,000 against his capital and invested property valued at P25,000 in the partnership. The net income of the partnership is ANSWER IS 150,000
Cabang, a partner in the Cabang and Menace Partnership has a 30% share in the partnership profit and loss. His capital account had a net decrease of P60,000 in 2003. In 2003, he withdrew P130,000 against his capital and invested property valued at P25,000 in the partnership. The net income of the partnership is ANSWER IS 150,000
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 12DQ
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- Cabang, a partner in the Cabang and Menace Partnership has a 30% share in the partnership
profit and loss . His capital account had a net decrease of P60,000 in 2003. In 2003, he withdrew P130,000 against his capital and invested property valued at P25,000 in the partnership. The net income of the partnership is
ANSWER IS 150,000
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