The following balances as at October 31, 2016 for the Partnership of Wilma, Xelyn and Yska were as follows: Cash P80,000 Non-cash assets 640,000 Liabilities 24,000 Wilma, Capital 204,000 Xelyn, Capital 132,000 Yska, Capital 360,000 Wilma has decided to retire from the partnership on October 31. The estimated profit to October 31 is P160,000. Wilma will be paid P276,800 for the Partnership interest inclusive of her loan which is to be paid in full. Their profit and loss ratio is 3:4:3 to Wilma, Xelyn and Yska, respectively. Required: Compute for the Xelyn, and Yska Capital and Total Partners Equity after retirement using Bonus Method and Revaluation Method.
The following balances as at October 31, 2016 for the Partnership of Wilma, Xelyn and Yska were as follows: Cash P80,000 Non-cash assets 640,000 Liabilities 24,000 Wilma, Capital 204,000 Xelyn, Capital 132,000 Yska, Capital 360,000 Wilma has decided to retire from the partnership on October 31. The estimated profit to October 31 is P160,000. Wilma will be paid P276,800 for the Partnership interest inclusive of her loan which is to be paid in full. Their profit and loss ratio is 3:4:3 to Wilma, Xelyn and Yska, respectively. Required: Compute for the Xelyn, and Yska Capital and Total Partners Equity after retirement using Bonus Method and Revaluation Method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following balances as at October 31, 2016 for the Partnership of Wilma, Xelyn and Yska were as follows:
Cash P80,000
Non-cash assets 640,000
Liabilities 24,000
Wilma, Capital 204,000
Xelyn, Capital 132,000
Yska, Capital 360,000
Wilma has decided to retire from the partnership on October 31. The estimated profit to October 31 is P160,000. Wilma will be paid P276,800 for the Partnership interest inclusive of her loan which is to be paid in full. Their profit and loss ratio is 3:4:3 to Wilma, Xelyn and Yska, respectively.
Required:
Compute for the Xelyn, and Yska Capital and Total Partners Equity after retirement using Bonus Method and Revaluation Method.
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