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7. A&B Partnership eams profit of P240,000 in 20x1. The movements in the capital accounts of the partners are shown below: A, capital Cr. B, capital Dr. Dr. Cr. Jan. 1 May 1 July 1 Aug 1 Oct. 1 120,000 80,000 20,000 10,000 20,000 10,000 10,000 5,000 How much is the share of A if profits are to be divided based on average capital? a 108,333 h. 121.500 c. 103,457

7. A&B Partnership eams profit of P240,000 in 20x1. The movements in the capital accounts of the partners are shown below: A, capital Cr. B, capital Dr. Dr. Cr. Jan. 1 May 1 July 1 Aug 1 Oct. 1 120,000 80,000 20,000 10,000 20,000 10,000 10,000 5,000 How much is the share of A if profits are to be divided based on average capital? a 108,333 h. 121.500 c. 103,457

FINANCIAL ACCOUNTING
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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7. Under Millan book. This is not a part of our exam but is included in the reference book and I want to review its answer.

7. A&B Partnership eams profit of P240,000 in 20x1. The movements in the capital accounts of the partners are shown below: A, capital Dr. Cr. B, capital Dr. Cr. Jan. 1 May 1 July 1 Aug 1 120,000 80,000 20,000 10,000 20,000 10,000 Oct. 1 10,000 5,000 How much is the share of A if profits are to be divided based on average capital? a 108,333 c. 103,457 d. 136,543 b. 121,500
Transcribed Image Text:7. A&B Partnership eams profit of P240,000 in 20x1. The movements in the capital accounts of the partners are shown below: A, capital Dr. Cr. B, capital Dr. Cr. Jan. 1 May 1 July 1 Aug 1 120,000 80,000 20,000 10,000 20,000 10,000 Oct. 1 10,000 5,000 How much is the share of A if profits are to be divided based on average capital? a 108,333 c. 103,457 d. 136,543 b. 121,500
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