Ruvi and Patrick are partners in a merchandising business

Subject:BusinessPrice:9.82 Bought3

Share With

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: Ruvi Patrick Beginning balance P85,000 P67,000 Additional investments 40,000 43,000 Withdrawal other than salaries (35,000) (20,000) Ending balance 90,000 90,000 20) What would be Patrick's equity balance at December 31, 2015 after dividing the profit?