Ruvi and Patrick are partners in a merchandising business. During 2015, they withdrew their salary allowances...
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Ruvi and Patrick are partners in a merchandising business. During 2015, they withdrew their salary allowances of P34,000 and P59,000 respectively. Remaining profit/loss are shared in the ratio of 3:2 by Ruvi and Patrick. The income summary account before any profit allocation has a credit balance of P180,000. The partners' capital accounts show the following: Beginning balance Additional investments Withdrawal other than salaries Ending balance 20) Ruvi P85,0 00 40,00 0 (35,00 0) 90,00 0 Patric k P67,0 00 43,00 0 (20,00 0) 90,00 0 What would be be Patrick's equity balance at December 31, 2015 after dividing the profit? Ruvi and Patrick are partners in a merchandising business. During 2015, they withdrew their salary allowances of P34,000 and P59,000 respectively. Remaining profit/loss are shared in the ratio of 3:2 by Ruvi and Patrick. The income summary account before any profit allocation has a credit balance of P180,000. The partners' capital accounts show the following: Beginning balance Additional investments Withdrawal other than salaries Ending balance 20) Ruvi P85,0 00 40,00 0 (35,00 0) 90,00 0 Patric k P67,0 00 43,00 0 (20,00 0) 90,00 0 What would be be Patrick's equity balance at December 31, 2015 after dividing the profit?
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Related Book For
Digital Design Using VHDL A Systems Approach
ISBN: 9781107098862
1st Edition
Authors: William J. Dally, R. Curtis Harting, Tor M. Aamodt
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