3. The following are shown in the capital accounts of partners AA, BB, and CC in a year: AA P200,000 100,000 BB CC Capital, January 1 Investment, June 1 Investment, October 1 P300,000 P250,000 50,000 If the partnership has a net income of P500,000 for the year, distribute the net income on the basis of ending capital balances.

3. The following are shown in the capital accounts of partners AA, BB, and CC in a year: AA P200,000 100,000 BB CC Capital, January 1 Investment, June 1 Investment, October 1 P300,000 P250,000 50,000 If the partnership has a net income of P500,000 for the year, distribute the net income on the basis of ending capital balances.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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