T, B and V, a partnership formed on January 1, 2021 had the following initial investments: T P 100,000 B 150,000 V 225,000 The partnership agreement stated that profits and losses are to be shared equally by the partners after consideration is made for the following: • Salaries allowed to partners: P60,000 for T; P48,000 for B and P36,000 for V. • Average partner’s capital balances during the year shall be allowed 10%. Additional information: • On June 30, 2021, T invested an additional P60,000. • V withdrew P70,000 from the partnership on September 30, 2021. • Share on the remaining profit was P3,000 for each partner. 7. The partnership net profit for 2021 before salaries, interest and partner’s share on the remainder was __________ 8. The total partnership capital on December 31, 2021 was ____________
T, B and V, a
T P 100,000
B 150,000
V 225,000
The partnership agreement stated that
consideration is made for the following:
• Salaries allowed to partners: P60,000 for T; P48,000 for B and P36,000 for V.
• Average partner’s capital balances during the year shall be allowed 10%.
Additional information:
• On June 30, 2021, T invested an additional P60,000.
• V withdrew P70,000 from the partnership on September 30, 2021.
• Share on the remaining profit was P3,000 for each partner.
7. The partnership net profit for 2021 before salaries, interest and partner’s share on the remainder was
__________
8. The total partnership capital on December 31, 2021 was ____________
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