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What is the partnership profit

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Q1. Brenz, a SML partner, gets 40% of the profits and losses. In 2021, Bren: provided P60,000 worth of land. 0n the same year, he had drawings of P80,000. His capital account balance was P120,000 at the start of 2021 and P150,000 at the end. What is the partnership's profit {loss} for 2021?

Q2. AA and BB formed a partnership and agreed to divide initial capital equally, even though AA contributed P60,DUO and BB contributed P4?,000. Under the bonus method, to adjust the capital accounts, BB's intangible assets should be debited for?

Reference no: EM133095566

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