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What is the capital balance of a on december

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AB Partnership was formed on February 28, 20x1. Partner A invested P150,000 cash while Partner B invested land that he originally bought for P70,000 but has a current fair value of 180,000. B invested additional cash of 60,000 on November 1, 20x1. The partnership contract states the following:

                                                                                 A                                          B

Monthly salary (recognized as                        10,000                    20,000

expenses and withdrawn periodically)

Interest on beginning capital                               12% p.a.                     12% p.a.

Bonus on profit before salaries                               20%

and interest but after bonus

Remaining profit or loss                                        50%                           50%

Problem 1: AB Partnership earned profit pf 120,000 in 20x1. What is the capital balance of A on December 31, 20x1?

Reference no: EM132688574

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