How much is the value of the note that Mi will get from the partnership?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Do, Re and Mi are partners with capital balances on December 31, 2008 of P300,000, P300,000 and P200,000, respectively. Profits are shared equally. Mi wishes to withdraw and it is agreed that he is to take certain furniture and fixtures with second-had value of P50,000 and a note for the balance of his interest. The furniture and fixtures are carried on the books at P35,000. Brand new, the furniture and fixtures may cost P80,000.
How much is the value of the note that Mi will get from the partnership?
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