On January 1, 2018, Cee and Dee have capital balances of P20,000 and P16,000 respectively. On July 1, 2018 Cee invests an additional P4,000 and Dee withdraws P1,600. Profits and losses are divided as follows: Dee is the managing partner and as such shall receive P16,000 salary and Cee shall receive P7,200; both partners shall receive interest of 10% on their beginning capital balances to offset whatever difference in capital investments they have and any remainder shall be divided equally. Income of the Cee-Dee partnership for the year 2018 is P9,600. Cee’s share in the net income is: a.P880 b.P9,200 c.P4,800 d. P600
On January 1, 2018, Cee and Dee have capital balances of P20,000 and P16,000 respectively. On July 1, 2018 Cee invests an additional P4,000 and Dee withdraws P1,600. Profits and losses are divided as follows: Dee is the managing partner and as such shall receive P16,000 salary and Cee shall receive P7,200; both partners shall receive interest of 10% on their beginning capital balances to offset whatever difference in capital investments they have and any remainder shall be divided equally. Income of the Cee-Dee partnership for the year 2018 is P9,600. Cee’s share in the net income is: a.P880 b.P9,200 c.P4,800 d. P600
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1, 2018, Cee and Dee have capital balances of P20,000 and P16,000 respectively. On July 1, 2018 Cee invests an additional P4,000 and Dee withdraws P1,600.
Income of the Cee-Dee
a.P880
b.P9,200
c.P4,800
d. P600
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