Question: 7. A, a partner in the ABC Partnership, has a 30% participation in partnership profits and losses. A's capital account has a net decrease of

7. A, a partner in the ABC Partnership, has a 30% participation in partnership profits and losses. A's capital account has a net decrease of P 60,000 during the calendar year 20X1. During 20X1, A withdrew P130,000 (charged against his capital account) and contributed property valued at P 25,000 to the partnership. What was the net income of the ABC Partnership for 20X1? a. P 150,000 b. P 233,333 c. P 350,000 d. P 550,000

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