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and P 200,000, respectively, sharing profits and losses on a 5:3:2 ratio. On July 1, 2021, Arlean withdraw from the partnership. The partners agreed that at the time of withdrawal, certain inventories had to be revalued at P 70,000 from its cost of P 50,000. For the sixth-month period ending June 30, 2008, the partnership generated a net income of P140,000. Further, partnership will pay Arlean P 195,000 for her interest. What is the capital balance of Marvin after the withdrawal of Arlean

and P 200,000, respectively, sharing profits and losses on a 5:3:2 ratio. On July 1, 2021, Arlean withdraw from the partnership. The partners agreed that at the time of withdrawal, certain inventories had to be revalued at P 70,000 from its cost of P 50,000. For the sixth-month period ending June 30, 2008, the partnership generated a net income of P140,000. Further, partnership will pay Arlean P 195,000 for her interest. What is the capital balance of Marvin after the withdrawal of Arlean

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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Marvin, Andrew and Arlean were partners with capital balances as of January 1, 2021 of P100,000, P 150,000 and P 200,000, respectively, sharing profits and losses on a 5:3:2 ratio. On July 1, 2021, Arlean withdraw from the partnership. The partners agreed that at the time of withdrawal, certain inventories had to be revalued at P 70,000 from its cost of P 50,000. For the sixth-month period ending June 30, 2008, the partnership generated a net income of P140,000. Further, partnership will pay Arlean P 195,000 for her interest. What is the capital balance of Marvin after the withdrawal of Arlean

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