At year end, the Cisco partnership has the following capital balances:Montana, CapitalP 130, 000Rice, Capital110, 000Craig, Capital80.000Taylor, Capital70, 000Profits and losses are split on a 3:3:2:2 basis, respectively. Craig decides lo leave the partnership and is paid P90. 000 Irom the businessbased on the original contractual agreement. If the revaluation method is to be applied, what is the balance of Montana's capital account afterCraig withdraws?

PSR:-3:3:2:2 Craig existing capital=80000 Craig payment=90000

Answered: t year end, the Cisco partnership has…

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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