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.

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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