Q8. Please answer the question correctly with solution ASAP. Thank you. CABLES General Professional Partnership, a business formed by Carlo and Jamie, have thefollowing data in its books:1Carlo, CapitalFeb 28P50,000 Jan 1 Balance.P300,00020,000June 1Oct 175,000P345,000Jamie, CapitalAug 12,000 Jan 1 BalanceNov 110,000 May 1Dec 15,000Carlo, DrawingJan 1-Dec 3120,000Jamie, Drawing30,000Jan 1-Dec 31Income SummaryDec 31How much is the peso month average capital of Carlo?P410,00025,000P418,000P750,000

The average capital of partners is calculated on the basis of time period for the capital balance…

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

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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