CJ decided to withdraw from his partnership with TF and LX. Before his withdrawal, CJ’s capital balance was P406,000, while TF’s was P448,000 and LX’s was P539,000. Also, the partnership’s total assets amounted to P3,150,000, but the partners agreed that a fixed asset was underdepreciated by P105,000. CJ, TF and LX share profits and losses in the ratio of 2:4:4, respectively. If CJ was paid P372,400 upon his retirement, how much is the remaining partnership net assets after his withdrawal?
CJ decided to withdraw from his partnership with TF and LX. Before his withdrawal, CJ’s capital balance was P406,000, while TF’s was P448,000 and LX’s was P539,000. Also, the partnership’s total assets amounted to P3,150,000, but the partners agreed that a fixed asset was underdepreciated by P105,000. CJ, TF and LX share profits and losses in the ratio of 2:4:4, respectively. If CJ was paid P372,400 upon his retirement, how much is the remaining partnership net assets after his withdrawal?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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CJ decided to withdraw from his
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