F, a partner in FU Partnership, has a 30 percent share in partnership profits and losses. F’s capital account had a net decrease of P100,000 during 2018. During 2018, F withdrew P240,000 as withdrawals and contributed equipment valued at P50,000 to the partnership. What was the net income of the partnership for 2018?
F, a partner in FU Partnership, has a 30 percent share in partnership profits and losses. F’s capital account had a net decrease of P100,000 during 2018. During 2018, F withdrew P240,000 as withdrawals and contributed equipment valued at P50,000 to the partnership. What was the net income of the partnership for 2018?
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 13DQ
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F, a partner in FU Partnership, has a 30 percent share in partnership profits and losses. F’s capital account had a net decrease of P100,000 during 2018. During 2018, F withdrew P240,000 as withdrawals and contributed equipment valued at P50,000 to the partnership. What was the net income of the partnership for 2018?
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