1 On December 31, 200C, the partnership of Hue and Teng realized a profit of P 225,000. The capital accounts of the partners showed the following debits and credits during 200C: Hue Teng March 1 credit- P 20,000 P 50,000 July 1 debit 25,000 August 1 credit 30,000 October 1 debit- 10,000 November 1 credit- 000,008 to 65,000 17. Assuming that the profit will be divided using the average capital, the share of Hue is: a. P 80,000. c. P 120,000. b. P 90,000. d. P 135,000. 000,008 18. If the profit will be divided equally after providing 12% interest on the opening capital, the share of Teng in the profit is: a. P 114,000. c. P 120,000. b. P 118,000. d. P 135,000.

1 On December 31, 200C, the partnership of Hue and Teng realized a profit of P 225,000. The capital accounts of the partners showed the following debits and credits during 200C: Hue Teng March 1 credit- P 20,000 P 50,000 July 1 debit 25,000 August 1 credit 30,000 October 1 debit- 10,000 November 1 credit- 000,008 to 65,000 17. Assuming that the profit will be divided using the average capital, the share of Hue is: a. P 80,000. c. P 120,000. b. P 90,000. d. P 135,000. 000,008 18. If the profit will be divided equally after providing 12% interest on the opening capital, the share of Teng in the profit is: a. P 114,000. c. P 120,000. b. P 118,000. d. P 135,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Item Nos. 17 and 18 are based on the following information: On December 31, 200C, the partnership of Hue and Teng realized a profit of P 225,000. The capital accounts of the partners showed the following debits and credits during 200C: Hue Teng March 1 credit P 20,000 P 50,000 July 1 debit 25,000 August 1 credit 30,000 October 1 debit-- 10,000 November 1 credit- 65,000 17. Assuming that the profit will be divided using the average capital, the share of Hue is: a. P 80,000. b. P 90,000. с. Р 120,000. d. P 135,000. 18. If the profit will be divided equally after providing 12% interest on the opening capital, the share of Teng in the profit is: a. P 114,000. P 120,000. C. b. P 118,000. d. P 135,000.
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Item Nos. 17 and 18 are based on the following information: On December 31, 200C, the partnership of Hue and Teng realized a profit of P 225,000. The capital accounts of the partners showed the following debits and credits during 200C: Hue Teng March 1 credit -- P 20,000 P 50,000 July 1 debit -- 25,000 August 1 credit 30,000 October 1 debit- 10,000 November 1 credit- 65,000 17. Assuming that the profit will be divided using the average capital, the share of Hue is: a. P 80,000. С. P 120,000. b. P 90,000. d. P 135,000. 18. If the profit will be divided equally after providing 12% interest on the opening capital, the share of Teng in the profit is: P 114,000. C. P 120,000. a. b. P 118,000. d. P 135,000.
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