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Determine the profit of triple m partnership for the year

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Reference no: EM132831013

Marte, a partner in the Triple M Partnership, has a 25% participation in profit. Marte's capital account had a net decrease of P240,000 during the year 2019. During 2019, Marte withdrew P520,000 (charged against his capital account) and invested in the partnership a property with a fair value of P100,000.

Instructions:

Problem 1: Determine the profit of the Triple M Partnership for the year 2019.

Reference no: EM132831013

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