The partnership of Grant, Candice, and Panabaker is suffering cash shortage during 2020. Because of that reason, Grant loaned the partnership P60,000 cash last July 2020. The partnership suffered net loss during 2020. The capital balances of the partners after distribution of net loss are P240,000, P310,000, and P230,000, respectively. They share profits and losses in the ratio of 2:3:5, respectively. Due to disagreement, Grant wanted out of the partnership. Before withdrawal, the value of the land increased from P200,000 to P300,000. Grant will be paid P360,000 by the partnership for his total interest in the partnership. What is the capital balance of Candice after Grant’s withdrawal?
The partnership of Grant, Candice, and Panabaker is suffering cash shortage during 2020. Because of that reason, Grant loaned the partnership P60,000 cash last July 2020. The partnership suffered net loss during 2020. The capital balances of the partners after distribution of net loss are P240,000, P310,000, and P230,000, respectively. They share profits and losses in the ratio of 2:3:5, respectively. Due to disagreement, Grant wanted out of the partnership. Before withdrawal, the value of the land increased from P200,000 to P300,000. Grant will be paid P360,000 by the partnership for his total interest in the partnership. What is the capital balance of Candice after Grant’s withdrawal?
Chapter1: Financial Statements And Business Decisions
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Due to disagreement, Grant wanted out of the partnership. Before withdrawal, the value of the land increased from P200,000 to P300,000. Grant will be paid P360,000 by the partnership for his total interest in the partnership.
What is the capital balance of Candice after Grant’s withdrawal?
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