The partnership of Toy and Tay provides that interestt 10% is to be credited to each partner on the basis of average capital balances. A summary of Tay Capital account for the year ended December 31, 2016 is as follows: 140,000.00 Balance, January 01 40,000.00 Additional Investment, July 01 15,000.00 Withdrawal, Aug 01 What amount of interest should be credited to Tay capital account for 2016? Select the correct response: P17,250.00 P15,250.00 P16,500.00 P15,375.00

The partnership of Toy and Tay provides that interestt 10% is to be credited to each partner on the basis of average capital balances. A summary of Tay Capital account for the year ended December 31, 2016 is as follows: 140,000.00 Balance, January 01 40,000.00 Additional Investment, July 01 15,000.00 Withdrawal, Aug 01 What amount of interest should be credited to Tay capital account for 2016? Select the correct response: P17,250.00 P15,250.00 P16,500.00 P15,375.00

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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