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kindly answer no. 2

kindly answer no. 2

FINANCIAL ACCOUNTING
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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On January 1, 2021, Kobe, Lebron and Michael formed a partnership with respective capital contribution of P 2,000,000, P 5,000,000 and P 3,000,000. The articles of co-partnership provides that profits or loss shall be distributed accordingly: 2. | 20% interest on original capital contribution P 30,000 monthly salary for Kobe and P 50,000 monthly salary for Michael The remainder shall be distributed on the basis of original capital contribution ratio > On December 31, 2021, Kobe and Lebron made withdrawals of P 500,000 and P 1,000,000, respectively. The statement of financial position of the partnership shows that Lebron's capital on December 31, 2021 is P 6,500,000. What is the capital balance of Kobe on December 31, 2021? P 3,260,000 b. P 2,100,000 P 2,360,000 d. P 2,860,000 a
Transcribed Image Text:On January 1, 2021, Kobe, Lebron and Michael formed a partnership with respective capital contribution of P 2,000,000, P 5,000,000 and P 3,000,000. The articles of co-partnership provides that profits or loss shall be distributed accordingly: 2. | 20% interest on original capital contribution P 30,000 monthly salary for Kobe and P 50,000 monthly salary for Michael The remainder shall be distributed on the basis of original capital contribution ratio > On December 31, 2021, Kobe and Lebron made withdrawals of P 500,000 and P 1,000,000, respectively. The statement of financial position of the partnership shows that Lebron's capital on December 31, 2021 is P 6,500,000. What is the capital balance of Kobe on December 31, 2021? P 3,260,000 b. P 2,100,000 P 2,360,000 d. P 2,860,000 a
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