Jungkook, Jimin and Jin are partners sharing profits and losses in the ratio of 3:2:1,respectively. On June 30, 2021 Jungkook decided to withdraw from the partnership as he was offered a better opportunity outside the partnership. On the day after dividing profit for the year ended June 30, 2021, partners have a capital balances as follows: Jungkook -P346,000 Jimin – P213,000 Jin - P133,000 It was agreed that Jungkook is to be paid P310,000 and that assets are fairly valued. What would be the capital balance of Jimin after the withdrawal of Jungkook? *

Jungkook, Jimin and Jin are partners sharing profits and losses in the ratio of 3:2:1,respectively. On June 30, 2021 Jungkook decided to withdraw from the partnership as he was offered a better opportunity outside the partnership. On the day after dividing profit for the year ended June 30, 2021, partners have a capital balances as follows: Jungkook -P346,000 Jimin – P213,000 Jin - P133,000 It was agreed that Jungkook is to be paid P310,000 and that assets are fairly valued. What would be the capital balance of Jimin after the withdrawal of Jungkook? *

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1PB: The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a...

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2) The balance of capital for partner Mansoor at the end of the year will be: a. RO 42720 b. RO 40720 c. RO 47220 d. RO 42270
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