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The Revaluation Prior To Kevin’s Withdrawal Was P315,000. After His Withdrawal The Remaining Partners’ Capital Accounts, Excluding Their Share Of Revaluation, Totaled P246,000, But Including Their Share Of Revaluation, Totaled P384,000. 4. What Is The Total Amount Of Cash Paid To Kevin? a 99,000 b 87,000 c 111,000 d 96,000

The Revaluation Prior To Kevin’s Withdrawal Was P315,000. After His Withdrawal The Remaining Partners’ Capital Accounts, Excluding Their Share Of Revaluation, Totaled P246,000, But Including Their Share Of Revaluation, Totaled P384,000. 4. What Is The Total Amount Of Cash Paid To Kevin? a 99,000 b 87,000 c 111,000 d 96,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Kevin, A Partner In A Law Firm, Decided To Withdraw From The Partnership. Kevin’s Share In The Partnership Profits And Losses Was 20%. Upon Withdrawal From The Partnership He Was Paid Cash In Final Settlement For His Interest. The Total Of The Partners’ Capital Account Before The Recognition Of The Revaluation Prior To Kevin’s Withdrawal Was P315,000. After His Withdrawal The Remaining Partners’ Capital Accounts, Excluding Their Share Of Revaluation, Totaled P246,000, But Including Their Share Of Revaluation, Totaled P384,000.

4. What Is The Total Amount Of Cash Paid To Kevin?

a 99,000

b 87,000

c 111,000

d 96,000

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