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What total partnership capital on december was

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Tayag, Unso, and Vidal, a partnership formed on January 1, 2003 had the following initial investment:

R. Tayag P100,000

J. Unso 150,000

T. Vidal 225,000

The partnership agreement stated that profits and losses are to be shared equally by the partners after the consideration is made by the following:

  1. Salaries allowed to partners: P60,000 for Tayag; P48,000 for Unso and P36,000 for Vidal.
  2. Average partner's capital balances during the year shall be allowed 10%.

Additional information:

  • On June 30, 2003, Tayag, invested an additional P60,000.
  • Vidal withdrew P70,000 from the partnership on Sept. 30, 2003.
  • Share on the remaining profit was P3,000 for each partner.

Question a. Interest on average capital balances of the partners totaled:

Question b. Partnership net profit at Dec. 31, 2003 before salaries, interest and partners' share on the remainder was:

Question c. Total partnership capital on December 31, 2003 was:

Reference no: EM132539469

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