Abe, Ben, and Cain are partners in the ratio of 3:4:2. Abe, Ben and Cain has a capital balance prior to the retirement of P50,000, 60,000 and 70,000. Ben is retiring from the firm. The profit on revaluation of asset on that date of retirement was P36,000. The new ratio of A and C is 5:3 after the retirement. Profit on revaluation will be distributed asP16,000, B P12,000, C P8,000P12,000, B P16,000, C P8,000P22,500, C P13,500P23,625, C P12,375 Abe, Ben, and Cain are partners in the ratio of 3:4:2. Abe, Ben and Cain has a capital balance prior to the retirement of P50,000, 60,000 and 70,000. Ben is retiring from the firm. The profit on revaluation of asset on that date of retirement was P36,000. The new ratio of A and C is 5:3 after the retirement. If Ben is to receive an amount equal to the book value of his capital balance, the amount he should get is50,00072,00070,000 Abe, Ben, and Cain are partners in the ratio of 3:4:2. Abe, Ben and Cain has a capital balance prior to the retirement of P50,000, 60,000 and 70,000. Ben is retiring from the firm. The profit on revaluation of asset on that date of retirement was P36,000. The new ratio of A and C is 5:3 after the retirement. If Ben is to receive 80,000 as a return of his capital, the capital balance of Abe after the retirement is57,20038,00050,00078,500

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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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Abe, Ben, and Cain are partners in the ratio of 3:4:2. Abe, Ben and Cain has a capital balance prior to the retirement of P50,000, 60,000 and 70,000. Ben is retiring from the firm. The profit on revaluation of asset on that date of retirement was P36,000. The new ratio of A and C is 5:3 after the retirement. Profit on revaluation will be distributed as
P16,000, B P12,000, C P8,000
P12,000, B P16,000, C P8,000
P22,500, C P13,500
P23,625, C P12,375

Abe, Ben, and Cain are partners in the ratio of 3:4:2. Abe, Ben and Cain has a capital balance prior to the retirement of P50,000, 60,000 and 70,000. Ben is retiring from the firm. The profit on revaluation of asset on that date of retirement was P36,000. The new ratio of A and C is 5:3 after the retirement. If Ben is to receive an amount equal to the book value of his capital balance, the amount he should get is
50,000
72,000
70,000

Abe, Ben, and Cain are partners in the ratio of 3:4:2. Abe, Ben and Cain has a capital balance prior to the retirement of P50,000, 60,000 and 70,000. Ben is retiring from the firm. The profit on revaluation of asset on that date of retirement was P36,000. The new ratio of A and C is 5:3 after the retirement. If Ben is to receive 80,000 as a return of his capital, the capital balance of Abe after the retirement is
57,200
38,000
50,000
78,500

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