In the partnership of A, B and C, partner C decided to withdarw from the partnership. The partners share profits and losses in the ratio of 30%, 30%, 40%, respectively. The partners have the following capital balances just prior to C's withdrawal from the partnership. A - P45,000 B - 35,000 C - 20,000 Assuming the partners agree that the partnership will purchase C's interest for thirty two thousand and will revalue the partnership based on the price C is willing to accept for his interest in the partnership, the balance of B's capital immediately after the withdrawal of C is?
In the partnership of A, B and C, partner C decided to withdarw from the partnership. The partners share profits and losses in the ratio of 30%, 30%, 40%, respectively. The partners have the following capital balances just prior to C's withdrawal from the partnership. A - P45,000 B - 35,000 C - 20,000 Assuming the partners agree that the partnership will purchase C's interest for thirty two thousand and will revalue the partnership based on the price C is willing to accept for his interest in the partnership, the balance of B's capital immediately after the withdrawal of C is?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
In the partnership of A, B and C, partner C decided to withdarw from the partnership. The partners share
A - P45,000
B - 35,000
C - 20,000
Assuming the partners agree that the partnership will purchase C's interest for thirty two thousand and will revalue the partnership based on the price C is willing to accept for his interest in the partnership, the balance of B's capital immediately after the withdrawal of C is?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education