Retirement -Sale of interest to partnership (Asset Revaluation) Long-term partners, A, B, and C have capital balances of P60,000, P45,000, and P30,000, respectively. They share in profits and losses 5:3:2, respectively. All assets are valued fairly. C decides to retire from the partnership. C sells the interest to the partnership for P40,000; asset revaluation is recorded. Calculate the remaining capital balances after the C withdrawal.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Retirement -Sale of interest to partnership (Asset Revaluation)
Long-term partners, A, B, and C have capital balances of P60,000, P45,000, and P30,000, respectively. They share in profits and losses
5:3:2, respectively. All assets are valued fairly. C decides to retire from the partnership. C sells the interest to the partnership for
P40,000; asset revaluation is recorded. Calculate the remaining capital balances after the C withdrawal.
Transcribed Image Text:Retirement -Sale of interest to partnership (Asset Revaluation) Long-term partners, A, B, and C have capital balances of P60,000, P45,000, and P30,000, respectively. They share in profits and losses 5:3:2, respectively. All assets are valued fairly. C decides to retire from the partnership. C sells the interest to the partnership for P40,000; asset revaluation is recorded. Calculate the remaining capital balances after the C withdrawal.
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