Mang Emil, a senior partner in an accounting firm, has a profit share of 25% and 30% interest in 2019. During 2019, Mang Emil withdrew P260,000 against his capital but invested property with a fair value of P50,000. If Mang Emil's ending capital is P50,000 higher than his capital beginning, how much is the partnership net income or net loss in 2019?
Mang Emil, a senior partner in an accounting firm, has a profit share of 25% and 30% interest in 2019. During 2019, Mang Emil withdrew P260,000 against his capital but invested property with a fair value of P50,000. If Mang Emil's ending capital is P50,000 higher than his capital beginning, how much is the partnership net income or net loss in 2019?
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 13DQ
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Transcribed Image Text:Mang Emil, a senior partner in an accounting firm, has a profit share of 25% and 30% interest in
2019. During 2019, Mang Emil withdrew P260,000 against his capital but invested property with a
fair value of P50,000. If Mang Emil's ending capital is P50,000 higher than his capital beginning,
how much is the partnership net income or net loss in 2019?
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