At the beginning of the year, Dolce and Gabbana have capital balances of P 50,000 and P 100,000. Partner Dolce made withdrawals of P 1,000 a month and P 1,500 a month for partner Gabbana. Partners profit and loss agreement were as follows: · Annual salaries of P 60,000 for Dolce and P 40,000 for Gabbana · 10% interest on the beginning capital · Remainder shared equally If the partnership capital at the end of the year is P 225,000, how much is the ending capital of Gabbana?
At the beginning of the year, Dolce and Gabbana have capital balances of P 50,000 and P 100,000. Partner Dolce made withdrawals of P 1,000 a month and P 1,500 a month for partner Gabbana. Partners profit and loss agreement were as follows: · Annual salaries of P 60,000 for Dolce and P 40,000 for Gabbana · 10% interest on the beginning capital · Remainder shared equally If the partnership capital at the end of the year is P 225,000, how much is the ending capital of Gabbana?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the beginning of the year, Dolce and Gabbana have capital balances of P 50,000 and P 100,000. Partner Dolce made withdrawals of P 1,000 a month and P 1,500 a month for partner Gabbana. Partners profit and loss agreement were as follows:
· Annual salaries of P 60,000 for Dolce and P 40,000 for Gabbana
· 10% interest on the beginning capital
· Remainder shared equally
If the partnership capital at the end of the year is P 225,000, how much is the ending capital of Gabbana?
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