Question
In May 1998, Imelda, a partner of an accounting firm decided to withdraw when the partners' capital balances were: Mikee, P600,000; Raul, P600,000; Imelda, P400,000.
In May 1998, Imelda, a partner of an accounting firm decided to withdraw when the
partners' capital balances were: Mikee, P600,000; Raul, P600,000; Imelda, P400,000. It was
agreed that Imelda is to take the partnership's fully depreciated computer with a
secondhand value of P24,000 that cost the partnership P36,000.
If profits and losses are shared equally, what would be the capital balances of the
remaining partners after the retirement of Imelda?
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Accounting Information Systems
Authors: Vernon Richardson, Chengyee Chang, Rod Smith
2nd edition
1260153156, 1260153150, 978-1260153156
