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Bianca, Mariel and Toni are partners with capital balances of P100,000, P140,000, and P180,000 respectively. They share profits and losses in the ratio of 20:40:40. Toni decides to withdraw from the partnership receiving P220,000 including a loan to the partnership in the amount of P10,000. Assuming the use of the asset revaluation method, how much is the amount of asset revaluation increase (decrease)? O P30,000 P75,000 O (P30,000) O (P75,000)

Bianca, Mariel and Toni are partners with capital balances of P100,000, P140,000, and P180,000 respectively. They share profits and losses in the ratio of 20:40:40. Toni decides to withdraw from the partnership receiving P220,000 including a loan to the partnership in the amount of P10,000. Assuming the use of the asset revaluation method, how much is the amount of asset revaluation increase (decrease)? O P30,000 P75,000 O (P30,000) O (P75,000)

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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Bianca, Mariel and Toni are partners with capital balances of P100,000, P140,000, and P180,000 respectively. They share profits and losses in the ratio of 20:40:40. Toni decides to withdraw from the partnership receiving P220,000 including a loan to the partnership in the amount of P10,000. Assuming the use of the asset revaluation method, how much is the amount of asset revaluation increase (decrease)? O P30,000 O P75,000 O (P30,000) O (P75,000)
Transcribed Image Text:Bianca, Mariel and Toni are partners with capital balances of P100,000, P140,000, and P180,000 respectively. They share profits and losses in the ratio of 20:40:40. Toni decides to withdraw from the partnership receiving P220,000 including a loan to the partnership in the amount of P10,000. Assuming the use of the asset revaluation method, how much is the amount of asset revaluation increase (decrease)? O P30,000 O P75,000 O (P30,000) O (P75,000)
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