13:05ecorded as goodw6221. B. Raffy, B. Danny, and B. Leo arepartners with capital balances ofP180,000, P120,000, and P160,000respectively. They share profits andlosses in the ratio of 30:40:30. Dannydecides to withdraw from thepartnership. Danny receives 160,000in settlement of his interest. If thebonus method is used, what is thecapital balance of Leo immediatelyafter the retirement of Danny?А. 160,000В. 200,000С. 140,000D. 180,00022. Using the information in No. 22 andassuming that bonus method is used,what is the total partnership capitalimmediately after the retirement ofDanny?A. 240,000В. 280,000С. 320,000D. 200,00023. A partner retired from the partnershipand received an amount whichexceeds his capital interest by 40,000.The remaining partners have profitand loss ratio of 3:2. Under the bonusmethod, the excess of payment will beshared by the remaining partners asfollows:A. 36,000 and 24,000B. 24,000 and 16,000C. 12,000 and 8,000D. 48,000 and 32,000

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21. B. Raffy, B. Danny, and B. Leo are partners with capital balances of P180,000, P120,000, and P160,000 respectively. They share profits and losses in the ratio of 30:40:30. Danny decides to withdraw from the partnership. Danny receives 160,000 in settlement of his interest. If the bonus method is used, what is the capital balance of Leo immediately after the retirement of Danny? А. 160,000 В. 200,000 С. 140,000 D. 180,000

21. B. Raffy, B. Danny, and B. Leo are partners with capital balances of P180,000, P120,000, and P160,000 respectively. They share profits and losses in the ratio of 30:40:30. Danny decides to withdraw from the partnership. Danny receives 160,000 in settlement of his interest. If the bonus method is used, what is the capital balance of Leo immediately after the retirement of Danny? А. 160,000 В. 200,000 С. 140,000 D. 180,000

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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