May, Jun, and Julie are partners with profit and loss ratio of 2:2:1 and capital balances of $1,200,000, P1,000,000 and $600,000, respectively. Julie decided to withdraw from the partnership to focus on her coffee business. She was paid P1,000,000 by the partnership for her capital interest. The difference in amount is due to the recognition of bonus. How much is the capital balance of May after the withdrawal of Julie?

May, Jun, and Julie are partners with profit and loss ratio of 2:2:1 and capital balances of $1,200,000, P1,000,000 and $600,000, respectively. Julie decided to withdraw from the partnership to focus on her coffee business. She was paid P1,000,000 by the partnership for her capital interest. The difference in amount is due to the recognition of bonus. How much is the capital balance of May after the withdrawal of Julie?

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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