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On January 1, A, B and C has beginning balances of P30,000, P20,000 and P40,000, respectively. A withdrew half of his investment on March 31, B added 10% to his balance On April 15, and C withdrew 25% of his capital balance on October 1. On its December 31 income statement, it recorded a profit of P72,000. How much should be the share in profits of C using the ratio of the weighted average capital balances? O a. 19,428 O b. 18,285 O c. 17,382 O d. 19,385

On January 1, A, B and C has beginning balances of P30,000, P20,000 and P40,000, respectively. A withdrew half of his investment on March 31, B added 10% to his balance On April 15, and C withdrew 25% of his capital balance on October 1. On its December 31 income statement, it recorded a profit of P72,000. How much should be the share in profits of C using the ratio of the weighted average capital balances? O a. 19,428 O b. 18,285 O c. 17,382 O d. 19,385

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, A, B and C has beginning balances of P30,000, P20,000 and P40,000, respectively. A withdrew half of his investment on March 31, B added 10% to his balance On April 15, and C withdrew 25% of his capital balance on October 1. On its December 31 income statement, it recorded a profit of P72,000. How much should be the share in profits of C using the ratio of the weighted average capital balances? O a. 19,428 b. 18,285 O c. 17,382 O d. 19,385
Transcribed Image Text:On January 1, A, B and C has beginning balances of P30,000, P20,000 and P40,000, respectively. A withdrew half of his investment on March 31, B added 10% to his balance On April 15, and C withdrew 25% of his capital balance on October 1. On its December 31 income statement, it recorded a profit of P72,000. How much should be the share in profits of C using the ratio of the weighted average capital balances? O a. 19,428 b. 18,285 O c. 17,382 O d. 19,385
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