Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
Mar, Dom ,and San are partners with the following capital balances: Mar, 240,000; Dom, 200,000; and San 160,000. They shared profits and losses in the
Mar, Dom ,and San are partners with the following capital balances: Mar, 240,000; Dom, 200,000; and San 160,000. They shared profits and losses in the ratio of 3:2:5, respectively. Dom decided to withdraw from the partnership by selling his interest to the business for cash.
Required:
- The capital balance of the partnership before the withdrawal of Dom______
- The capital balance of the partnership after the withdrawal of Dom______
- The book value of Dom's interest acquired by the partnership________
- Assuming the partnership pays Dom P120,000, how much is the capital balance of San after the withdrawal of Dom?_______
- Assuming the firm pays Dom P240,000, how much is the capital balance of Mar after the withdrawal of Dom?_______
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started