Question
Canlas, a partner in the 3C Partnership, has a 30% participation in partnership profits and losses. Canlas' capital account had a net decrease P120,000 during
Canlas, a partner in the 3C Partnership, has a 30% participation in partnership profits and losses. Canlas' capital account had a net decrease P120,000 during the calendar year 2012. During 2012, Canlas withdrew P260,000 (charged against his capital account) and contributed property valued at P50,000 to the partnership. What was the profit of 3C Partnership?
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The Politics Of Financial Risk Audit And Regulation
Authors: Atul Shah
1st Edition
1138042358, 978-1138042353
