The following capital balances as of October 31 , 2016 for the Partnership of Wilma , Xelyn and Yska were as follows : Wilma , Capital 204,000 Xelyn , Capital 132,000 Yska , Capital 360,000 Wilma has decided to retire from the partnership on October 31. Their profit and loss ratio is 3/4 / 3 to Wilma , Xelyn and Yska , respectively . Only Yska will purchase the interest of Wilma by paying P200,000. Questions : 1. What amount of capital will be credited to Xelyn? 2. What amount of capital will be credited to Yska?
The following capital balances as of October 31 , 2016 for the Partnership of Wilma , Xelyn and Yska were as follows : Wilma , Capital 204,000 Xelyn , Capital 132,000 Yska , Capital 360,000 Wilma has decided to retire from the partnership on October 31. Their profit and loss ratio is 3/4 / 3 to Wilma , Xelyn and Yska , respectively . Only Yska will purchase the interest of Wilma by paying P200,000. Questions : 1. What amount of capital will be credited to Xelyn? 2. What amount of capital will be credited to Yska?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The following capital balances as of October 31 , 2016 for the Partnership of Wilma , Xelyn and Yska were as follows : Wilma , Capital 204,000
Xelyn , Capital 132,000
Yska , Capital 360,000
Wilma has decided to retire from the partnership on October 31. Their profit and loss ratio is 3/4 / 3 to Wilma , Xelyn and Yska , respectively . Only Yska will purchase the interest of Wilma by paying P200,000.
Questions :
1. What amount of capital will be credited to Xelyn?
2. What amount of capital will be credited to Yska?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education