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How much is the partnership net income or net loss

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Reference no: EM132833900

Problem 1: Emil, a senior partner in an accounting firm, has a profit share of 25% and 30% interest in 20x9. During 20x9, Mang Emil withdrew P260,000 against his capital but invested property with a fair value of P50,000. If Mang Emil's ending capital is P120,000 lesser than his capital beginning, how much is the partnership net income or net loss for 20x9?

a. P360,000
b. P300,000
c. P480,000
d. P400,000

Reference no: EM132833900

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