22. Trixie and Uriah formed a partnership. Net income at year-end amount to P 100,000. They decided to divide profit based on average capital. Below are the capital balances of Trixie and Uriah for different periods in the year. Trixie Uriah January 1 April 1 September 1 150,000 120,000 180, 000 150,000 130,000 December 31 120, 000 How much is Trixie's share in the net income of the partnership? a. P 42,975 c. P 57,025 d. P 48,077 b. P 51,923 O A
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
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