t year end, the Cisco partnership has the following capital balances: Montana, Capital P 130, 000 Rice, Capital 110, 000 Craig, Capital 80. 000 Taylor, Capital 70, 000 Profits and losses are split on a 3:3:2:2 basis, respectively. Craig decides to leave the partnership and is paid P90. 000 from the business based on the original contraclual agreement. If the revaluation method is to be applied, what is the balance of Montana's capital account after Craig withdraws?
t year end, the Cisco partnership has the following capital balances: Montana, Capital P 130, 000 Rice, Capital 110, 000 Craig, Capital 80. 000 Taylor, Capital 70, 000 Profits and losses are split on a 3:3:2:2 basis, respectively. Craig decides to leave the partnership and is paid P90. 000 from the business based on the original contraclual agreement. If the revaluation method is to be applied, what is the balance of Montana's capital account after Craig withdraws?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:At year end, the Cisco partnership has the following capital balances:
Montana, Capital
P 130, 000
Rice, Capital
110, 000
Craig, Capital
80.000
Taylor, Capital
70, 000
Profits 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 business
based on the original contractual agreement. If the revaluation method is to be applied, what is the balance of Montana's capital account after
Craig withdraws?
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