On January 2, 2015, JT Partnership begins its operations with the following investments:

Joe

Tom

P80,000

40,000

According to the partnership agreement, all profits will be distributed as follows:

Joe will be allowed a monthly salary of P8,000 with P4,000 assigned to Tom

? The partners will be allowed with interest equal to 10% of the capital balance as of the first day

of the year

Joe will be allowed a bonus of 10% of the net income after bonus

The remainder will be divided on the basis of the beginning capital for the first year and equally

for the second year

Each partner is allowed to withdraw up to P4,000 a year

Partnership's operation results in a net loss of 6,000 in 2015 and a profit of P22,000 in 2016. Each

partner withdraws the maximum amount each year.

Requirement: What is the capital balance of Joe on December 31, 2016?

On January 2, 2015, JT Partnership begins its operations with the following investments: Joe P80,000 Tom 40,000 According to the partnership agreement, all profits will be distributed as follows: . Joe will be allowed a monthly salary of P8,000 with P4,000 assigned to Tom The partners will be allowed with interest equal to 10% of the capital balance as of the first day of the year Joe will be allowed a bonus of 10% of the net income after bonus The remainder will be divided on the basis of the beginning capital for the first year and equally for the second year . Each partner is allowed to withdraw up to P4,000 a year Partnership's operation results in a net loss of 6,000 in 2015 and a profit of P22,000 in 2016. Each partner withdraws the maximum amount each year. Requirement: What is the capital balance of Joe on December 31, 2016