Ruvi and Patrick are partners in a merchandising business. During 2021, they withdrew their salary allowances of P34,000 and P59,000, respectively. Remaining profit or 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 180,000. The partners' capital accounts show the following: Ruvi Patrick Beginning balance Additional investments 85,000 40,000 67,000 43,000 Withdrawal other than salary (35,000) 90,000 (20,000) 90,000 allowance Ending balance 5. What is Patrick's equity balance at December 31, 2021 after dividing the profit?

Ruvi and Patrick are partners in a merchandising business. During 2021, they withdrew their salary allowances of P34,000 and P59,000, respectively. Remaining profit or 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 180,000. The partners' capital accounts show the following: Ruvi Patrick Beginning balance Additional investments 85,000 40,000 67,000 43,000 Withdrawal other than salary (35,000) 90,000 (20,000) 90,000 allowance Ending balance 5. What is Patrick's equity balance at December 31, 2021 after dividing the profit?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 7BCRQ

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