Yves, Saint and Laurent are partners of YSL Partnership with capital balances of P80,000, P120,000 and P160,000, respectively. They share profits and losses in the ratio of 30:40:30. Saint decides to withdraw from the partnership and received P 160,000 in settlement of his interest. Assuming asset revaluation method is used, what is the capital balance of Laurent immediately after the retirement of Saint?

Yves, Saint and Laurent are partners of YSL Partnership with capital balances of P80,000, P120,000 and P160,000, respectively. They share profits and losses in the ratio of 30:40:30. Saint decides to withdraw from the partnership and received P 160,000 in settlement of his interest. Assuming asset revaluation method is used, what is the capital balance of Laurent immediately after the retirement of Saint?

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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