Reference no: EM132893463
Partners Du, Lim, and Tan have capital balances in a partnership of P300,000, P200,000, and P400,000, respectively. Loss for the year was P660,000.
Problem 1: What will be the capital balance for Lim if the three partners share profits and losses at a 4:3:3 ratio, respectively?
A. P2,000 credit balance ???C. P198,000 debit balance
B. P20,000 debit balance ???D. P20,000 credit balance
Problem 2: What will be Lim's capital balance if Du gets a P360,000 salary, Lim gets an P140,000 salary, and Tan gets a 10% interest on his beginning balance with the remainder being divided at a 2:2:1 ratio, respectively?
A. P340,000 debit balance?? C. P140,000 debit balance
B. P120,000 debit balance?? D. P200,000 debit balance
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