The total of the partners' capital accounts was P770,000 before the recognition of partnership asset revaluation in preparation for the withdrawal of a partner whose profit or loss sharing is 20%. He was paid P196,000 by the firm in final settlement for his interest. The remaining partners' capital accounts, excluding their share of the asset revaluation, totaled P630,000 after his withdrawal. The total asset revaluation of the firm agreed upon was:
The total of the partners' capital accounts was P770,000 before the recognition of partnership asset revaluation in preparation for the withdrawal of a partner whose profit or loss sharing is 20%. He was paid P196,000 by the firm in final settlement for his interest. The remaining partners' capital accounts, excluding their share of the asset revaluation, totaled P630,000 after his withdrawal. The total asset revaluation of the firm agreed upon was:
Chapter14: Choice Of Business Entity—operations And Distributions
Section: Chapter Questions
Problem 20P
Related questions
Question
The total of the partners' capital accounts was P770,000 before the recognition of partnership asset revaluation in preparation for the withdrawal of a partner whose profit or loss sharing is 20%. He was paid P196,000 by the firm in final settlement for his interest. The remaining partners' capital accounts, excluding their share of the asset revaluation, totaled P630,000 after his withdrawal. The total asset revaluation of the firm agreed upon was:
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
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
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
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
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College