The capital balances of the partners on December 31, 2021 were: Noble (50%) - P200,000; Obedient (30%) - P300,000 and Patient (20%) - P400,000. Because of long dispute with Noble, Patient decided to withdraw from the partnership. Assuming the interest of Patient is sold to the partnership for P410,000, how much is the capital balance of Noble using the bonus method and asset revaluation medthod.
The capital balances of the partners on December 31, 2021 were: Noble (50%) - P200,000; Obedient (30%) - P300,000 and Patient (20%) - P400,000. Because of long dispute with Noble, Patient decided to withdraw from the partnership. Assuming the interest of Patient is sold to the partnership for P410,000, how much is the capital balance of Noble using the bonus method and asset revaluation medthod.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The capital balances of the partners on December 31, 2021 were: Noble (50%) - P200,000; Obedient (30%) - P300,000 and Patient (20%) - P400,000. Because of long dispute with Noble, Patient decided to withdraw from the partnership.
Assuming the interest of Patient is sold to the partnership for P410,000, how much is the capital balance of Noble using the bonus method and asset revaluation medthod.
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