n the RST partnership, Ron's capital is P80,000, Stella's is P75,000, and Tiffany's is P50,000. They share income in a 3:2:1 ratio, respectively. Tiffany is retiring from the partnership. Tiffany is paid P56,000, and asset revaluation is recorded. What is the total amount of asset revaluation recorded

SWFT Comprehensive Volume 2019
42nd Edition
ISBN:9780357233306
Author:Maloney
Publisher:Maloney
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
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In the RST partnership, Ron's capital is P80,000, Stella's is P75,000, and Tiffany's is P50,000. They share income in a 3:2:1 ratio, respectively. Tiffany is retiring from the partnership. Tiffany is paid P56,000, and asset revaluation is recorded. What is the total amount of asset revaluation recorded?

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