Cyril and James formed a partnership on January 1, 20x1 by contributing P1,600,000 and P2,400,000, respectively. As of January 1, 20x2, their partnership capital was P1,800,000, and P2,200,000 respectively. Situations: A. No profit-sharing agreement B. No loss-sharing agreement C. Profit is divided equally D. Loss is divided 30:70, respectively Required: Compute the share of Cyril and James assuming: P800,000 profit P
Cyril and James formed a partnership on January 1, 20x1 by contributing P1,600,000 and P2,400,000, respectively. As of January 1, 20x2, their partnership capital was P1,800,000, and P2,200,000 respectively. Situations: A. No profit-sharing agreement B. No loss-sharing agreement C. Profit is divided equally D. Loss is divided 30:70, respectively Required: Compute the share of Cyril and James assuming: P800,000 profit P
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cyril and James formed a partnership on January 1, 20x1 by contributing P1,600,000 and P2,400,000,
respectively. As of January 1, 20x2, their partnership capital was P1,800,000, and P2,200,000 respectively.
Situations:
A. No profit-sharing agreement
B. No loss-sharing agreement
C. Profit is divided equally
D. Loss is divided 30:70, respectively
Required: Compute the share of Cyril and James assuming:
P800,000 profit P
4. C and D (
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