Jay, Antz and Chris were partners with capital balances of January 2, 2018 of Php 700, 000, Php 840, 000, and Php 620, 000, respectively. Their profit and loss ratio is 3:5:2. On August 1, 2018, Jay retires from the partnership. On the date of retirement, the partnership net loss is Php 480, 000 and the partners agreed that inventories are to be revalued at Php 370, 000 from its original cost of Php 340, 000. The partners agreed further to pay Jay Php 568, 500 in settlement of his interest. Upon retirement of Jay, which of the following will result? Question 18Answer Goodwill of Jay is Php 3, 500 Bonus from Chris is Php 1, 000 Antz capital after retirement of Jay is Php 85, 000 higher than Chris. Bonus to Antz is Php 2, 500