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Determine the capital balances of A and B

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Problem - A, B, and C formed a partnership on January 2, 2020 with the following contributions: A P 60,000 B 120,000 C 180,000 The partners agreed on a capital ratio of 1:2:3 upon formation and P&L ratio of 3:3:4, respectively. The partnership reported a net loss of P12,000 for 2020. Also, at the end of 2020, C has decided to withdraw from the firm and was paid P150,000 from partnership cash. On April 1, 2021, D was admitted as a partner with an investment of P96,000. He is given a share in capital of 40%and in profits, 30% the old partners have agreed to retain their old ratio over the remaining profit and loss share of 70%. The partnership reported a net profit of P12,600 for 2021, one-third of which is deemed earned as of the end of the year's first quarter's operation. Determine the capital balances of A and B, respectively, as of December 31, 2020.

Reference no: EM132977005

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