ABC and XYZ have been operating an accounting firm as partners for a number of years and at the beginning of 2021, their
Posted: Mon May 30, 2022 7:54 am
ABC and XYZ have been operating an accounting firm as partners
for a number of years and at the beginning of 2021, their capital
balances were P85,000 and P70,000, respectively. During 2021, ABC
invested an additional P10,000 on April 1 and withdrew P5,000 on
August 30. XYZ withdrew P12,000 on May 1 and invested P12,000 on
November 1. In addition, ABC and XYZ withdrew their salary
allowances of P18,000 and P24,000, respectively. At year-end 2021
total capital of the ABC and XYZ partnership was P182,000. ABC and
XYZ share income after salary allowances in a 60:40 ratio.
The ending capital of ABC is?
for a number of years and at the beginning of 2021, their capital
balances were P85,000 and P70,000, respectively. During 2021, ABC
invested an additional P10,000 on April 1 and withdrew P5,000 on
August 30. XYZ withdrew P12,000 on May 1 and invested P12,000 on
November 1. In addition, ABC and XYZ withdrew their salary
allowances of P18,000 and P24,000, respectively. At year-end 2021
total capital of the ABC and XYZ partnership was P182,000. ABC and
XYZ share income after salary allowances in a 60:40 ratio.
The ending capital of ABC is?