On June 30, Chub invested cash in an amount equal to the current market value of Max's partnership capital. Max, the managing partner, would earn two- thirds of partnership profits. Chub agreed to accept one-third of the profits. During the remainder of the year, the partnership earned P450,000. The temporary withdrawals of Max and Chub were P352,000 and P230,000, respectively.
On June 30, Chub invested cash in an amount equal to the current market value of Max's partnership capital. Max, the managing partner, would earn two- thirds of partnership profits. Chub agreed to accept one-third of the profits. During the remainder of the year, the partnership earned P450,000. The temporary withdrawals of Max and Chub were P352,000 and P230,000, respectively.
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
ChapterMB: Model-building Problems
Section: Chapter Questions
Problem 9M
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