Partners A and B formed a partnership on January 1, 2020 where Partner A invested P500,000 while Partner B invested P300,000. Profit and loss as agreed upon by partners is to be shared in the ratio of the original capital. The drawing accounts of Partners A and B have debit balances of P24,000 and P12,000 respectively. Net income for the period ending December 31, 2020 amounted to P180,200. What is capital balance of Partner B for the year ending December 31, 2020?
Partners A and B formed a partnership on January 1, 2020 where Partner A invested P500,000 while Partner B invested P300,000. Profit and loss as agreed upon by partners is to be shared in the ratio of the original capital. The drawing accounts of Partners A and B have debit balances of P24,000 and P12,000 respectively. Net income for the period ending December 31, 2020 amounted to P180,200. What is capital balance of Partner B for the year ending December 31, 2020?
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 12DQ
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Transcribed Image Text:Partners A and B formed a partnership on January 1, 2020 where
Partner A invested P500,000 while Partner B invested P300,000.
Profit and loss as agreed upon by partners is to be shared in the ratio
of the original capital. The drawing accounts of Partners A and B have
debit balances of P24,000 and P12,000 respectively. Net income for
the period ending December 31, 2020 amounted to P180,200.
What is capital balance of Partner B for the year ending December
31, 2020?
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