Sam a partner in ST Partnership, is entitled to 40% of the profits and losses. During 2011, Sam contributed land with a fair value of P60,000. Also during 2011, Sam had drawings of P80,000. The balance of Sam’s capital account was P120,000 at the beginning of 2011 and P150,000 at the end of the year. What amount should Tim's capital account change if has drawings of 95 000 and no investment for the year?
Sam a partner in ST Partnership, is entitled to 40% of the profits and losses. During 2011, Sam contributed land with a fair value of P60,000. Also during 2011, Sam had drawings of P80,000. The balance of Sam’s capital account was P120,000 at the beginning of 2011 and P150,000 at the end of the year. What amount should Tim's capital account change if has drawings of 95 000 and no investment for the year?
Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations
Section: Chapter Questions
Problem 31P
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Sam a partner in ST Partnership , is entitled to 40% of the profits and losses. During 2011, Sam contributed land with a fair value of P60,000. Also during 2011, Sam had drawings of P80,000. The balance of Sam’s capital account was P120,000 at the beginning of 2011 and P150,000 at the end of the year. What amount should Tim's capital account change if has drawings of 95 000 and no investment for the year?
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