5. The partnership agreement of Santiago and Generales provided that interest of I0% per annum is to be credited to each partner on the basis of average capital balances. A summary of Generales' capital account for the year ended Dec. 31, 2020 follows: P280,000 Balance, Jan. 1 Additional Investments, July 1 80,000 (30,000) Withdrawal, August 1 Balance, Dec. 31 P330,000 The amount of interest that should eventually be credited to Generales' capital is a. P30,500. b. P33,000. C. P30,750. d. P34,500.

5. The partnership agreement of Santiago and Generales provided that interest of I0% per annum is to be credited to each partner on the basis of average capital balances. A summary of Generales' capital account for the year ended Dec. 31, 2020 follows: P280,000 Balance, Jan. 1 Additional Investments, July 1 80,000 (30,000) Withdrawal, August 1 Balance, Dec. 31 P330,000 The amount of interest that should eventually be credited to Generales' capital is a. P30,500. b. P33,000. C. P30,750. d. P34,500.

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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