Question
The capital accounts of Vale and Miya at the end of the fiscal year 2019 are as follows: Vale, Capital January 1 Balance P210,000 May
The capital accounts of Vale and Miya at the end of the fiscal year 2019 are as follows:
| Vale, Capital | |||
| January 1 | Balance |
| P210,000 |
| May 1 | Investment |
| 90,000 |
| October 1 | Withdrawal | P60,000 |
|
| Miya, Capital | |||
| January 1 | Balance |
| P150,000 |
| April 1 | Withdrawal | P30,000 |
|
The partnership profit for the year ended December 31, 2019 was P300,000.
Scott is allowed a bonus of P33 1/3% of profit after bonus
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Financial and Managerial Accounting
Authors: Horngren, Harrison, Oliver
3rd Edition
978-0132497992, 132913771, 132497972, 132497999, 9780132913775, 978-0132497978
