professional basketball players on how to shoot 3-pointer with splash. The articles of co-partnership provides that profit or loss shall be distributed accordingly: 10% interest on average capital balance P 50,000 and P 100,000 quarterly salary for Klay and Steph, respectively The remainder shall be distributed in the ratio of 3:2 for Klay and Steph, respectively The following transactions regarding the capital balance of the partner for year 2017 are provided: Steph, Capital 500,000 100,000 Klay, Capital P 1,000,000 January 1, 2017 March 31, 2017 July 1, 2017 Sept. 30, 2017 October 1, 2017 Investment P Investment Withdrawal (200,000) Withdrawal (200,000) Investment 700,000 The chief accountant of the partnership reported net income of P1,000,000 for year 2017. What is the capital balance of Klay on December 31, 2017?

professional basketball players on how to shoot 3-pointer with splash. The articles of co-partnership provides that profit or loss shall be distributed accordingly: 10% interest on average capital balance P 50,000 and P 100,000 quarterly salary for Klay and Steph, respectively The remainder shall be distributed in the ratio of 3:2 for Klay and Steph, respectively The following transactions regarding the capital balance of the partner for year 2017 are provided: Steph, Capital 500,000 100,000 Klay, Capital P 1,000,000 January 1, 2017 March 31, 2017 July 1, 2017 Sept. 30, 2017 October 1, 2017 Investment P Investment Withdrawal (200,000) Withdrawal (200,000) Investment 700,000 The chief accountant of the partnership reported net income of P1,000,000 for year 2017. What is the capital balance of Klay on December 31, 2017?

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter14: Partnerships And Limited Liability Entities

Section: Chapter Questions

Problem 2BCRQ

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