Reb, Roy and Ramil are partners with average capital balances during 2020 of P120,000, P60,000 and P40,000, respectively
Posted: Mon May 30, 2022 8:13 am
Reb, Roy and Ramil are partners with average capital balances
during 2020 of P120,000, P60,000 and P40,000, respectively. The
partners will receive 10% interest on their average capital
balances, salary allowance of P30,000 for Reb and P20,000 for Ramil
and any residual profit is to be divided equally. In 2020,
partnership had a net loss of P33,000. By what amount would Reb
capital account change?
P7,000 increase
P42,000 increase
P11,000 decrease
P35,000 decrease
during 2020 of P120,000, P60,000 and P40,000, respectively. The
partners will receive 10% interest on their average capital
balances, salary allowance of P30,000 for Reb and P20,000 for Ramil
and any residual profit is to be divided equally. In 2020,
partnership had a net loss of P33,000. By what amount would Reb
capital account change?
P7,000 increase
P42,000 increase
P11,000 decrease
P35,000 decrease