Problem 10The total of the partners’, capital accounts was P110,000 before the recognition of partnership asset revaluation in preparation for the final withdrawal of a partner whose profit or loss sharing is 2/10. He was paid P28,000 by the firm in final settlement for his interest. The remaining partners’ capital accounts, excluding their share of the assets revaluation, totaled P90,000 after his withdrawal.What was the total asset revaluation that the firm agreed upon?A. 40,000 C. 20,000B. 28,000 D. 8,000

FINANCIAL ACCOUNTING
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Problem 10The total of the partners’, capital accounts was P110,000 before the recognition of partnership asset revaluation in preparation for the final withdrawal of a partner whose profit or loss sharing is 2/10. He was paid P28,000 by the firm in final settlement for his interest. The remaining partners’ capital accounts, excluding their share of the assets revaluation, totaled P90,000 after his withdrawal.What was the total asset revaluation that the firm agreed upon?A. 40,000 C. 20,000B. 28,000 D. 8,000
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