The balance sheet as of July 31, 2018 for the partnership of X, Y, and Z show the following information: Total assets (at cost) P450,000 Loan from X 25,000 X, Capital 108,000 Y, Capital 113,000 Z, Caphtal 204,000 It was agreed among partners that X retires from the partnership and it was further agreed that the assets be adjusted to their fair values of P392,000 as of July 31,2018. The partnership would pay X P100,000 cash plus a non-cash asset with a fair value of P12,000 for X's partnership interests. No goodwill is to be recorded. X, Y, and Z share profits and losses: 20%, 20%, and 60%, respectively.
The balance sheet as of July 31, 2018 for the partnership of X, Y, and Z show the following information: Total assets (at cost) P450,000 Loan from X 25,000 X, Capital 108,000 Y, Capital 113,000 Z, Caphtal 204,000 It was agreed among partners that X retires from the partnership and it was further agreed that the assets be adjusted to their fair values of P392,000 as of July 31,2018. The partnership would pay X P100,000 cash plus a non-cash asset with a fair value of P12,000 for X's partnership interests. No goodwill is to be recorded. X, Y, and Z share profits and losses: 20%, 20%, and 60%, respectively.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![The balance sheet as of July 31, 2018 for the partnership of X, Y, and Z show the
following information:
Total assets (at cost)
P450,000
Loan from X
25,000
X, Capital
108,000
Y, Capital
113,000
Z, Caprtal
204,000
It was agreed among partners that X retires from the partnership and it was further
agreed that the assets be adjusted to their fair values of P392,000 as of July 31,2018.
The partnership would pay X P100,000 cash plus a non-cash asset with a fair value of
P12,000 for X's partnership interests. No goodwill is to be recorded. X, Y, and Z share
profits and losses: 20%, 20%, and 60%, respectively.
How much is the bonus to or from X?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff4788dfd-3926-4043-be76-211d2c6a4866%2F908762b5-adb0-4204-ac4e-1168fa535e7c%2Fggehf8w_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The balance sheet as of July 31, 2018 for the partnership of X, Y, and Z show the
following information:
Total assets (at cost)
P450,000
Loan from X
25,000
X, Capital
108,000
Y, Capital
113,000
Z, Caprtal
204,000
It was agreed among partners that X retires from the partnership and it was further
agreed that the assets be adjusted to their fair values of P392,000 as of July 31,2018.
The partnership would pay X P100,000 cash plus a non-cash asset with a fair value of
P12,000 for X's partnership interests. No goodwill is to be recorded. X, Y, and Z share
profits and losses: 20%, 20%, and 60%, respectively.
How much is the bonus to or from X?
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