RR, a partner in the RD partnership, is entitled to 40% of the profits and losses. During 2020, RR contributed land to the partnership that cost her P50,000, but had a fair vlaue of P60,000. Also during 2020, RR had drawings of P80,000. The balance of RR's capital accounts was P120,000 at the beginning of the year and PI50,000 at the end of the year.

What is the partnership's comprehensive income (loss) for 2020?

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Calculate the partnerships net income profitloss for the yea... View the full answer