On January 1,2020, Carlo and Jamie formed a partnership with investments of P160,000 and P240,000 respectively. The partnership operations resulted to a net loss amounting to P80,000 at the end of year 2020. But the business was able to generate for the year 2021, its second year of business operation, a net profit after tax of P120,000. Profits and losses are to be shared equally. How much is the capital balance of Carlo as of December 31, 2021 as reflected in the statement of changes in partners' equity?

On January 1,2020, Carlo and Jamie formed a partnership with investments of P160,000 and P240,000 respectively. The partnership operations resulted to a net loss amounting to P80,000 at the end of year 2020. But the business was able to generate for the year 2021, its second year of business operation, a net profit after tax of P120,000. Profits and losses are to be shared equally. How much is the capital balance of Carlo as of December 31, 2021 as reflected in the statement of changes in partners' equity?

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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