19. Perez, Yuzon, and Mercado formed a partnership on Jan. 1, 2019 with the following initial investments: Perez - P100,000 Yuzon - 150,000 Mercado - 225,000 The partnership agreement states that profits and losses are to be shared equally by the partners after consideration is made for the following: - Salaries allowed to partners: P60,000 for Perez, P48,000 for Yuzon, and P36,000 for Mercado. - Average partner’s capital balances during the year shall be allowed 10% interest. Additional information: - On June 30, 2019, Perez invested an additional P60,000. - Mercado withdrew P70,000 from the partnership on Sept. 30, 2019. - Share on the remaining partnership profits was P5,000 for each partner. The total partnership capital on Dec. 31, 2019 was a. P405,000 b. P671,500 c. P672,750 d. P480,000
19. Perez, Yuzon, and Mercado formed a
investments:
Perez - P100,000
Yuzon - 150,000
Mercado - 225,000
The partnership agreement states that
consideration is made for the following:
- Salaries allowed to partners: P60,000 for Perez, P48,000 for Yuzon, and P36,000 for Mercado.
- Average partner’s capital balances during the year shall be allowed 10% interest.
Additional information:
- On June 30, 2019, Perez invested an additional P60,000.
- Mercado withdrew P70,000 from the partnership on Sept. 30, 2019.
- Share on the remaining partnership profits was P5,000 for each partner.
The total partnership capital on Dec. 31, 2019 was
a. P405,000
b. P671,500
c. P672,750
d. P480,000
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