The partnership contract of Ange and Bill provided for salaries of P100,000 to Ange and P80,000 to Bill, with any remaining income or loss ratio of 4:6. During, 2021, income of the Partnership was P200,000, and both Ange and Bill withdrew cash from the partnership equal to 80% of their salary allowance, During 2021, Ange’s equity in the partnership: Group of answer choices Decrease more than Bill’s equity Increase more than Bill’ equity Increase the same amount as Bill’s equity Decrease the same amount as Bill’s equity
The partnership contract of Ange and Bill provided for salaries of P100,000 to Ange and P80,000 to Bill, with any remaining income or loss ratio of 4:6. During, 2021, income of the Partnership was P200,000, and both Ange and Bill withdrew cash from the partnership equal to 80% of their salary allowance, During 2021, Ange’s equity in the partnership: Group of answer choices Decrease more than Bill’s equity Increase more than Bill’ equity Increase the same amount as Bill’s equity Decrease the same amount as Bill’s equity
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 3EA: The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have...
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Group of answer choices
Decrease more than Bill’s equity
Increase more than Bill’ equity
Increase the same amount as Bill’s equity
Decrease the same amount as Bill’s equity
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