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Joel, JC, and LJ are partners with capital balances of $50,000, P80,000, and $120,000, and share profits and losses in the ratio of 2:4:4,
Joel, JC, and LJ are partners with capital balances of $50,000, P80,000, and $120,000, and share profits and losses in the ratio of 2:4:4, respectively. Due to a house relocation, LJ decided to withdraw from the partnership. The partners agreed that machinery and equipment be increased by P85,000 upon dissolution. Upon settlement of ownership interest, LJ received P165,000. The capital balance of JC immediately after the withdrawal of LJ would be closest to
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Advanced Accounting
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
13th edition
134472144, 978-0134472140
