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Sam, a partner in the ST Partnership, is entitled to 40% of the profits and losses. During 2019, Sam contributed land with a fair value
Sam, a partner in the ST Partnership, is entitled to 40% of the profits and losses. During 2019, Sam contributed land with a fair value of P60,000. Also during 2019, Sam had drawings of P80,000. The balance of Sam's capital account was P120,000 at the beginning of 2019 and P150,000 at the end of the year. What is the partnership's profit (loss) for 2019?
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