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13. The net assets of ABC Co. on June 30, 20xl before closing entries consisted of the following A (20%), P300,000; B (30%). PS00,000; and C (50%), P200,000. Profit for the si months ended June 30, 20x1 was PI,800,000. C withdraws on July 1, 20x1 and receives PL,000,000 cash and fully depreciated equipment with fair value of P600,000 from the partnership. What is the capital balance of A right after C's withdrawal? a. 780,000 b. 1,220,000 c. 700,000 d. 1,800,000

13. The net assets of ABC Co. on June 30, 20xl before closing entries consisted of the following A (20%), P300,000; B (30%). PS00,000; and C (50%), P200,000. Profit for the si months ended June 30, 20x1 was PI,800,000. C withdraws on July 1, 20x1 and receives PL,000,000 cash and fully depreciated equipment with fair value of P600,000 from the partnership. What is the capital balance of A right after C's withdrawal? a. 780,000 b. 1,220,000 c. 700,000 d. 1,800,000

FINANCIAL ACCOUNTING
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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13. Under Millan book. This is not a part of our exam but is included in the reference book and I want to review its answer.

13. The net assets of ABC Co. on June 30, 20x1 before closing entries consisted of the following: A (20%), P300,000; B (30%). P500,000; and C (50%), P200,000. Profit for the six months ended June 30, 20x1 was PI,800,000. C withdraws on July 1, 20x1 and receives P1,000,000 cash and fully depreciated equipment with fair value of P600,000 from the partnership. What is the capital balance of A right after C's withdrawal? a. 780,000 c. 700,000 d. 1,800,000 b. 1,220,000
Transcribed Image Text:13. The net assets of ABC Co. on June 30, 20x1 before closing entries consisted of the following: A (20%), P300,000; B (30%). P500,000; and C (50%), P200,000. Profit for the six months ended June 30, 20x1 was PI,800,000. C withdraws on July 1, 20x1 and receives P1,000,000 cash and fully depreciated equipment with fair value of P600,000 from the partnership. What is the capital balance of A right after C's withdrawal? a. 780,000 c. 700,000 d. 1,800,000 b. 1,220,000
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