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In May 1998, Imelda, a partner of an accounting firm decided to withdraw when the partners’ capital balances were: Mikee, P600,000; Raul, P600,000; Imelda, P400,000. It was agreed that Imelda is to take the partnership’s fully depreciated computer with a second hand value of P24,000 that cost the partnership P36,000.   If profits and losses are shared equally, what would be the capital balances of the remaining partners after the retirement of Imelda?        Mikee             Raul­__  a. P600,000         P600,000 b. 592,000           592,000 c. 608,000            608,000 d. 612,000            612,000   please help me understand my activity and I hope you include the computations so that I can understand

In May 1998, Imelda, a partner of an accounting firm decided to withdraw when the partners’ capital balances were: Mikee, P600,000; Raul, P600,000; Imelda, P400,000. It was agreed that Imelda is to take the partnership’s fully depreciated computer with a second hand value of P24,000 that cost the partnership P36,000.   If profits and losses are shared equally, what would be the capital balances of the remaining partners after the retirement of Imelda?        Mikee             Raul­__  a. P600,000         P600,000 b. 592,000           592,000 c. 608,000            608,000 d. 612,000            612,000   please help me understand my activity and I hope you include the computations so that I can understand

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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In May 1998, Imelda, a partner of an accounting firm decided to withdraw when the partners’ capital balances were: Mikee, P600,000; Raul, P600,000; Imelda, P400,000. It was agreed that Imelda is to take the partnership’s fully depreciated computer with a second hand value of P24,000 that cost the partnership P36,000.

 

If profits and losses are shared equally, what would be the capital balances of the remaining partners after the retirement of Imelda?

       Mikee             Raul­__ 

a. P600,000         P600,000

b. 592,000           592,000

c. 608,000            608,000

d. 612,000            612,000

 

please help me understand my activity and I hope you include the computations so that I can understand

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