Pan, a partner in the Pan and Tay Partnership has a 30% share in the partnership profit and loss. Her capital account balance has a net decrease of P60,000 in 2015. In 2015, she withdrew P130,000 against her capital and invested property valued at P25,000 in the partnership. How much is the profit of the partnership?

SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
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Pan, a partner in the Pan and Tay Partnership has a 30% share in the partnership profit and loss. Her capital account balance has a net decrease of P60,000 in 2015. In 2015, she withdrew P130,000 against her capital and invested property valued at P25,000 in the partnership. How much is the profit of the partnership?

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