Our topic is about partnership dissolution.What is the total capital balance after retirement of Marlin?What is the capital balance of Marvin after retirement of Marlin?What is the capital balance of Martin after retirement of Marlin?Thank you!!! he statement of financial position for the partnership of Marlin, Martin and Marvinas of June 30, 20xx with their respective profit and loss ratio were as follows:Assets, at costP4,000,0005.100,000Loan Payable to MarlinMarlin, CapitalMartin, CapitalMarvin, Capital700,000(20%)(30%)(50%)1,200,0002.000,000 P4,000,000Marlin had decided to retire from the partnership. The partners agreed that the assetsare to be adjusted to their fair value of P4,300,000 at June 30, 20xx. It was agreedthat the partnership would pay Marlin P1,000,000 cash for his interest in thepartnership including the loan.

The total capital of the partnership firm after the retirement of a partner is calculated by…

The statement of financial position for the partnership of Marlin, Martin and Marvin as of June 30, 20xx with their respective profit and loss ratio were as follows: Assets, at cost P4,000,000 100,000 700,000 Loan Payable to Marlin Marlin, Capital Martin, Capital Marvin, Capital (20%) (30%) (50%) 1,200,000 2,000,000 P4,000,000 Marlin had decided to retire from the partnership. The partners agreed that the assets are to be adjusted to their fair value of P4,300,000 at June 30, 20xx. It was agreed that the partnership would pay Marlin P1,000,000 cash for his interest in the partnership including the loan.

The statement of financial position for the partnership of Marlin, Martin and Marvin as of June 30, 20xx with their respective profit and loss ratio were as follows: Assets, at cost P4,000,000 100,000 700,000 Loan Payable to Marlin Marlin, Capital Martin, Capital Marvin, Capital (20%) (30%) (50%) 1,200,000 2,000,000 P4,000,000 Marlin had decided to retire from the partnership. The partners agreed that the assets are to be adjusted to their fair value of P4,300,000 at June 30, 20xx. It was agreed that the partnership would pay Marlin P1,000,000 cash for his interest in the partnership including the loan.

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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