A and B agrees that 10% interest per annum is to be credited to each of them as partners on the basis of average capital balances. A summary of B's capital account for the year December 31, 2020 follows: Balance, January 1 P280,000 Additional investment, July 1 80,000 Withdrawal, August 1 (30,000) The amount of interest that should be credited to B's capital is? *

A and B agrees that 10% interest per annum is to be credited to each of them as partners on the basis of average capital balances. A summary of B's capital account for the year December 31, 2020 follows: Balance, January 1 P280,000 Additional investment, July 1 80,000 Withdrawal, August 1 (30,000) The amount of interest that should be credited to B's capital is? *

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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