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What is the partnership profit

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Question - RR, a partner in the RD Partnership, is entitled to 40% of the profits and losses. During 2012, RR contributed land to the partnership that cost her P50,000, but had a fair value of P60,000. Also during 2012, RR had drawings of P80,000. The balance of RR's capital accounts was P120,000 at the beginning of the year and P150,000 at the end of the year. What is the partnership's profit (loss) for 2012?

Reference no: EM132576091

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