Allan, Bobby and Carlo are partners with capital accounts of P350,000, P700,000, and P450,000, respectively. They share profits and losses in a 2:4:3 ratio. Carlo anxious to retire, decided to accept a cash settlement of P400,000. Partnership assets have recently been revalued. Undistributed profit amounted to P180,000. How much is partners' equity after Carlo's retirement?

Allan, Bobby and Carlo are partners with capital accounts of P350,000, P700,000, and P450,000, respectively. They share profits and losses in a 2:4:3 ratio. Carlo anxious to retire, decided to accept a cash settlement of P400,000. Partnership assets have recently been revalued. Undistributed profit amounted to P180,000. How much is partners' equity after Carlo's retirement?

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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