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What is the capital balance of A on December

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Problem - AB Partnership was formed on February 28, 20x1. Partner A invested P150,000 cash while Partner B invested land that he originally bought for P70,000 but has a current fair value of P180,000. B invested additional cash of P60,000 on November 1, 20x1. The partnership contract states the following:

 

A

B

Monthly salary (recognized as expenses and withdrawn periodically)

10,000

20,000

Interest on beginning capital

12% p.a.

12% p.a.

Bonus on profit before salaries and interest but after bonus

20%

 

Remaining profit or loss

50%

50%

Required - AB Partnership earned profit of 120,000 in 20x1. What is the capital balance of A on December 31, 20x1?

Reference no: EM132711708

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