Ables and Galang divide partnership profits and losses solely on the basis of their average capital balances. Ables had P275,000 invested during all of 2016; Galang had P200,000 invested from January 1 to August 31, and he invested another P75,000 on September 1. If profit was P800,000 during 2016, how much should each partner receive?

Ables and Galang divide partnership profits and losses solely on the basis of their average capital balances. Ables had P275,000 invested during all of 2016; Galang had P200,000 invested from January 1 to August 31, and he invested another P75,000 on September 1. If profit was P800,000 during 2016, how much should each partner receive?

Name: Solve problem #4 Problem #4Distribution of Profits or Losses Based on
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Description: Solve problem #4 Problem #4Distribution of Profits or Losses Based on Partners' AgreementAbles and Galang divide partnership profits and losses solely on the basis of theiraverage capital balances. Ables had P275,000 invested during all of 2016; Gala

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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