The condensed balance sheet of the 3M Partnership as of June 30, 2020 with the corresponding profit and loss shares of the partners is as follows: Net assets - 400,000; Mark, capital (50%) - 200,000; Mon, capital (30%)-120,000; Mike, capital (20%)- 80,000. As of said date, Mark retired from the partnership. As agreed, he was paid P225,000 for his interest. AS per agreement, assets are to be revalued prior to Mark's retirement. What is the total capital of Mon and Mike after Mark's retirement?

The condensed balance sheet of the 3M Partnership as of June 30, 2020 with the corresponding profit and loss shares of the partners is as follows: Net assets - 400,000; Mark, capital (50%) - 200,000; Mon, capital (30%)-120,000; Mike, capital (20%)- 80,000. As of said date, Mark retired from the partnership. As agreed, he was paid P225,000 for his interest. AS per agreement, assets are to be revalued prior to Mark's retirement. What is the total capital of Mon and Mike after Mark's retirement?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 3EA: The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have...

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