Partner Quito had a beginning capital balance of P35,000 and made additional investments of P27,000 during the year. In the same year, Quito made drawings of P5,000 per month. The post-closing capital balance of Quito is P72,000. What is his share in the partnership profit? a. P70,000 b. P15,000 C. P60,000 d. P72,000

Partner Quito had a beginning capital balance of P35,000 and made additional investments of P27,000 during the year. In the same year, Quito made drawings of P5,000 per month. The post-closing capital balance of Quito is P72,000. What is his share in the partnership profit? a. P70,000 b. P15,000 C. P60,000 d. P72,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 11MC: Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at...

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