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How capital accounts of the partners should be increased

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Problem 1: P and R share profits after the provision of annual salary allowances of P 14,400 and P 13,200, respectively in the ratio of 3:2. However, if partnership's net income is insufficient to provide for said allowances in full amount, the net income shall be divided equally between the partners. In 2020, the following errors were discovered: Depreciation for 2020 is understated by P 2,100, and the inventory on December 31, 2020 is overstated by P 11,400. The partnership net income for 2020 was reported to be P 19,500. The capital accounts of the partners should be increased (decreased) by:

Reference no: EM132625252

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