In 2021, X, Y, & Z are partners with average capital balances of P120,000, P60,000, and P40,000, respectively. The partners receive 10% interest on their average capital balance. After deducting salaries of P30,000 to X and P20,000 to Y, the residual profit or loss is devided equally. During the year the partnership sustained a loss of P33,000, before interest and salaries to the partners. By what amount should X's capital account change?
In 2021, X, Y, & Z are partners with average capital balances of P120,000, P60,000, and P40,000, respectively. The partners receive 10% interest on their average capital balance. After deducting salaries of P30,000 to X and P20,000 to Y, the residual profit or loss is devided equally. During the year the partnership sustained a loss of P33,000, before interest and salaries to the partners. By what amount should X's capital account change?
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 3EA: The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have...
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Transcribed Image Text:4. In 2021, X, Y, & Z are partners with average capital balances of P120,000, P60,000,
and P40,000, respectively. The partners receive 10% interest on their average
capital balance. After deducting salaries of P30,000 to X and P20,000 to Y, the
residual profit or loss is devided equally. During the year the partnership sustained
a loss of P33,000, before interest and salaries to the partners. By what amount
should X's capital account change?
*
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