Reference no: EM132826513
Question - X, Y and Z have been partners throughout the year 2014. Their average balances for the year and their balances at the end of the year before closing the nominal accounts are as follows:
Average Balances Balances Dec 31, 2014
X Cr. 900,000 Cr. P600,000
Y Cr. 30,000 Dr. 10,000
Z Cr. 70,000 Cr. 100,000
The profit for 2014 is P750,000 before charging partner's drawing allowances and before interest on average balances at the agreed rate of 4% per annum. X is entitled to a drawing account credit of P100,000, Y of P70,000 and Z of P50,000 per annum. The balance of the profit is to be distributed at the rate of 60% to X, 30% to Y and 10% to Z.
The partners agreed that after credits and distribution as indicated in the proceeding paragraph, it is intended to adjust the capital accounts of partners by investing the highest amount of cash, so that the balances in the partners' accounts will be proportionate to their profit-sharing ratios. None of the partners will withdrew cash from the partnership.
Required - What amount of investment must be made by each partners?
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