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What is the net income or net loss of ABC Partnership

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Question - On January 1, 20x20, A, B and C formed ABC Partnership with total agreed capitalization of P1,000,000. The capital interest ratio of the ABC Partnership is 5:1:4 while the profit or loss ratio is 3:2:5, respectively for A, B and C.

During 20x20, A and B made additional investments of P200,000 and P500,000, respectively. At the end of 20x20, B and C made drawings of P300,000 and P100,000, respectively. On December 31, 20x20, the capital balance of B is reported at P200,000.

Required -

1. What is the net income or net loss of ABC Partnership for the year ended December 31, 20x20?

2. What is the capital balance of C on December 31, 20x20?

Reference no: EM132965432

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