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A withdrew and the partnership paid him P30,000, How much is the capital balance of C after A's withdrawal? a. 112,000 b. 116,800 c. 168,000 d. 172,000

A withdrew and the partnership paid him P30,000, How much is the capital balance of C after A's withdrawal? a. 112,000 b. 116,800 c. 168,000 d. 172,000

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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10. 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.

artirrslip Diutum 95 A withdrew and the partnership paid him P360,000. How much is the capital balance of C after A's withdrawal? a. 112.000 b. 116,800 c. 168,O00 d. 172,000
Transcribed Image Text:artirrslip Diutum 95 A withdrew and the partnership paid him P360,000. How much is the capital balance of C after A's withdrawal? a. 112.000 b. 116,800 c. 168,O00 d. 172,000
The partners in ABC Co. had the following capital balances and P/L sharing percentages: A (50%) P320,000; B (30%) P192,000; and C (20%) P128,000. A decided to retire and sold his interest to B for P360,000. The entry on A's retirement included a a. debit to B's capital for P24,O00, b. debit to C's capital for P16,000. c. credit to B's capital for P360,000. d. credit to B's capital for P320,000.
Transcribed Image Text:The partners in ABC Co. had the following capital balances and P/L sharing percentages: A (50%) P320,000; B (30%) P192,000; and C (20%) P128,000. A decided to retire and sold his interest to B for P360,000. The entry on A's retirement included a a. debit to B's capital for P24,O00, b. debit to C's capital for P16,000. c. credit to B's capital for P360,000. d. credit to B's capital for P320,000.
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