Reference no: EM132626846
Question - The AA, BB and CC Partnership was formed on January 2, 2019. The original cash investments were as follows:
AA P48,000
BB 72,000
CC 108,000
According to the general partnership contract the partners were to be remunerated as follows:
1. Salaries of P7,200 for AA, P6,000 for BB, and P6,800 for CC.
2. Interest at 12% on the average capital account balances during the year.
3. Remainder divided 40% to AA, 30% to BB, and 30% for CC.
Income before partners' salaries for the year ended December 31, 2019, was P46,040. AA invested an additional P12,000, in the partnership on July 1; CC withdrew P18,000 from the partnership on October 1, and, as authorized by the partnership contract, AA, BB, and CC each withdrew P375 monthly against their shares of net income for the year.
Required - Make the schedule of distribution of partnership profit or loss.
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