9. Sito and Tisay formed a partnership and decided to Dermatology Center. If the total assets of the partnership immediately it SiTisay name after formation amount to P 450,000 and 1/3 of it represent the liabilities of the partnership, hoOw much is the capital balance of Sito assuming the partners have a capital ratio of 2:3 for Sito and Tisay, respectively? a. P 180,000 b. P 160,000 c. P 150,000 d. P 120,000

9. Sito and Tisay formed a partnership and decided to Dermatology Center. If the total assets of the partnership immediately it SiTisay name after formation amount to P 450,000 and 1/3 of it represent the liabilities of the partnership, hoOw much is the capital balance of Sito assuming the partners have a capital ratio of 2:3 for Sito and Tisay, respectively? a. P 180,000 b. P 160,000 c. P 150,000 d. P 120,000

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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Concept explainers

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.

Question

it SiTisay
9. Sito and Tisay formed a partnership and decided to
Dermatology Center. If the total assets of the partnership immediately
after formation amount to P 450,000 and 1/3 of it represent the liabilities
of the partnership, how much is the capital balance of Sito assuming the
name
partners have a capital ratio of 2:3 for Sito and Tisay, respectively?
a. P 180,000
b. P 160,000
c. P 150,000
d. P 120,000
O A
B

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