Linda , a partner in the Genuine partnership, has a 40% participation in the partnership profits and losses. Linda's Capital account had a net increase of P 300,000 during the calendar year 2020, During 2020, Linda withdrew P 60,000 ( charges against his capital account ) and contributed property valued at P 200,000 to the partnership. The profit of Genuine partnership amounted to?
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
Linda , a partner in the Genuine
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