Reference no: EM132803687
Question - On January 1, 2020, Royce, Stan and Timothy formed RST Partnership with total agreed capitalization of P4,000,000. The capital interest ratio of the RST Partnership is 5:1:4 while the profit or loss ratio is 3:2:5, respectively for Royce, Stan and Timothy.
During 2019, Royce and Stan made additional investments of P800,000 and P2,000,000, respectively. At the end of 2020, Stan and Timothy made drawings of P1,200,000 and P400,000, respectively. On December 31, 2020, the capital balance of Stan is reported at P1,120,000.
Required -
1. What is the net income / (net loss) of RST Partnership for the year ended December 31, 2020?
2. What is the capital balance of Timothy on December 31, 2020?
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