What was the net profit of the KAPA partnership for the year 2020?
15. Kuya Kim Atienza, a partner in the KAPA
losses.
During 2020, Kim Atienza withdraws P100,000 (charged against his capital account) and contributed property
valued at P25,000 to the partnership. What was the net profit of the KAPA partnership for the year 2020?
16. On March 1. 2021, Rafael M. Lopez formed a partnership with Conrado T. Valix and made the contributions:
Cash …………………………………P 350,000
Equipment…………………………. 100,000
At the end of the year, Lopez received a share of P54,000 on the P120,000 profits. What should be the share of
Valix on the partnership profits?
Kindly show your solution on each problem. Thank you.
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