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What is the capital balance of barbie on december

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On December 31, 2020, Jamie, Anthony, and Barbie organized JAM partnership wherein Jamie contributed P3,200,000 for 20% interest in the partnership. Barbie contributed P 9,600,000 for a capital credit of P8,000,000. After closing the accounting book, Anthony and Barbie withdrew the following amounts respectively: P800,000 and P960,000.

Profit or Loss arrangement are agreed as follows:

  1. Annual salary of P40,000, P32,000 and P24,000 respectively
  2. The remainder will be divided in the ratio of 2:3:5

On December 31, 2021 the capital balance of Jamie is P3,224,000.

Problem 1. What is the net income / (net loss) of the partnership for the year ended December 31, 2021?

Problem 2. What is the capital balance of Barbie on December 31, 2021?

Reference no: EM132809322

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