On January 1, 2020, Balagtas, Cabanacan and Dagohoy formed a partnership with the following contributions: P406,000 435,000 246,500 Balagtas Cabanacan Dagohoy The partnership agreement of Balagtas, Cabanacan and Dagohoy provides for the division of net income as follows: a. Cabanacan, who manages the partnership is to receive a salary of P23,925 monthly. b. Each partner is to be allowed interest at 15% on beginning capital. C. Balance is to be divided 25:30:45 On December 31, 2020, after the following partners' additional investments and capital withdrawals, the partnership has a total capital of P1,413,750 Additional Investments Withdrawals Balagtas P139,200 Cabanacan 87,000 P130,500 Dagohoy 104,400 What are the capital balances of the partners on December 31, 2020? Balagtas P598,487.50 P703,134.00 P112,128.50 b. Cabanacan Dagohoy a. P53,287.50 P311,634.00 P(29,971.50) P459,287.50 P746,634.00 P216,528.50 d. P577,281.25 P709,267.50 P127,201,25 С.

On January 1, 2020, Balagtas, Cabanacan and Dagohoy formed a partnership with the following contributions: P406,000 435,000 246,500 Balagtas Cabanacan Dagohoy The partnership agreement of Balagtas, Cabanacan and Dagohoy provides for the division of net income as follows: a. Cabanacan, who manages the partnership is to receive a salary of P23,925 monthly. b. Each partner is to be allowed interest at 15% on beginning capital. C. Balance is to be divided 25:30:45 On December 31, 2020, after the following partners' additional investments and capital withdrawals, the partnership has a total capital of P1,413,750 Additional Investments Withdrawals Balagtas P139,200 Cabanacan 87,000 P130,500 Dagohoy 104,400 What are the capital balances of the partners on December 31, 2020? Balagtas P598,487.50 P703,134.00 P112,128.50 b. Cabanacan Dagohoy a. P53,287.50 P311,634.00 P(29,971.50) P459,287.50 P746,634.00 P216,528.50 d. P577,281.25 P709,267.50 P127,201,25 С.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...

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