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CEE, DEE and EEE shared profit and losses based on 5:3:2 was allowed to withdraw from the partnership on 31 December 2020 with P600,000cash as
CEE, DEE and EEE shared profit and losses based on 5:3:2 was allowed to withdraw from the partnership on 31 December 2020 with P600,000cash as full settlement. The condensed statement of financial position is as follows:
ASSETS:
Due from EEE, P250,000
Goodwill, P2000,000
Other Assets, P4750,000
LIABILITIES and CAPITAL:
Liabilities, P2,000,000
Due to DEE, P750,000
CEE, Capital, P1,750,000
DEE, Capital, P1,500,000
EEE, Capital, P1,000,000
Using Goodwill method, how much is the total Goodwill resulting from the withdrawal of EEE?
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