A partnership formed by Maria and Larry had the following data in its books. Maria, Capital...

   

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A partnership formed by Maria and Larry had the following data in its books. Maria, Capital - Balance on January 1 (beginning of the year): - Permanent withdrawal on February 28: - Additional investment on June 1: - Additional investment on October 1: Larry, Capital - Balance on January 1 (beginning of the year): - Permanent withdrawal on November 1: P300,000 P50.000 P20,000 P75,000 P410,000 P67,500 How much is Larry's share in the P525,000 net income for the year if the partners agreed to divide the profits according to the average capital ratio? A partnership formed by Maria and Larry had the following data in its books. Maria, Capital - Balance on January 1 (beginning of the year): - Permanent withdrawal on February 28: - Additional investment on June 1: - Additional investment on October 1: Larry, Capital - Balance on January 1 (beginning of the year): - Permanent withdrawal on November 1: P300,000 P50.000 P20,000 P75,000 P410,000 P67,500 How much is Larry's share in the P525,000 net income for the year if the partners agreed to divide the profits according to the average capital ratio?

Answer rating: 100% (QA)

To calculate Larrys share in the net income and the final cash distribution during the liquidation of the partnership break it down step by step 1 Cal... View the full answer