CABLES General Professional Partnership, a business formed by Carlo and Jamie, have the following data in its books: I Carlo, Capital P50,000 Jan 1 Balance. Feb 28 P300,000 June 1 20,000 Oct 1 75,000 P345,000 Jamie, Capital Aug 1 2,000 Jan 1 Balance Nov 1 10,000 May 1 5,000 Dec 1 Carlo, Drawing Jan 1-Dec 31 20,000 Jamie, Drawing 30,000 Jan 1-Dec 31 Income Summary Dec 31 How much is the peso month average capital of Carlo? P410,000 25,000 P418,000 P750,000

CABLES General Professional Partnership, a business formed by Carlo and Jamie, have the following data in its books: I Carlo, Capital P50,000 Jan 1 Balance. Feb 28 P300,000 June 1 20,000 Oct 1 75,000 P345,000 Jamie, Capital Aug 1 2,000 Jan 1 Balance Nov 1 10,000 May 1 5,000 Dec 1 Carlo, Drawing Jan 1-Dec 31 20,000 Jamie, Drawing 30,000 Jan 1-Dec 31 Income Summary Dec 31 How much is the peso month average capital of Carlo? P410,000 25,000 P418,000 P750,000

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Description: CABLES General Professional Partnership, a business formed by Carlo and Jamie, have the following data in its books:|Carlo, CapitalP50,000 Jan 1 Balance.Feb 28P300,000June 120,000Oct 175,000P345,000Jamie, CapitalAug 12,000 Jan 1 BalanceNov 110,000 M

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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CABLES General Professional Partnership, a business formed by Carlo and Jamie, have the following data in its books:
|
Carlo, Capital
P50,000 Jan 1 Balance.
Feb 28
P300,000
June 1
20,000
Oct 1
75,000
P345,000
Jamie, Capital
Aug 1
2,000 Jan 1 Balance
Nov 1
10,000 May 1
5,000
Dec 1
Carlo, Drawing
Jan 1-Dec 31
20,000
Jamie, Drawing
30,000
Jan 1-Dec 31
Income Summary
Dec 31
How much is the peso month average capital of Carlo?
P410,000
25,000
P418,000
P750,000

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