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What is the partnership profit

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Problem 1: Jam, a partner in the JM partnership, is entitled to 40% of the profits and losses. During 2017, Jam contributed land with a fair value of P 60,000. Also during 2017, Jam had drawings of P 80,000. The balance of Jam's capital account was P 120,000 at the beginning of 2017 and P 150,000 at the end of the year. What is the partnership's profit (loss) for 2017?

Reference no: EM132904189

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