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AEB Partnership was formed on January 2,2022. Partnership net income or loss is allocated 60% to A and 40% to B. The partnership agreement states
AEB Partnership was formed on January 2,2022. Partnership net income or loss is allocated 60% to A and 40% to B. The partnership agreement states that t partners must have equal capital balance. A initially contributed assets costing P230,000 with a fair value of P260,000 on january 2,2022 and 8 contributed P120,000 cash. Drawings by the partners during 2022 totaled P30.000 by A and P40000 by B. The partnership net income in 2022 was P100,000. Compute the ending capital of B
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