Answered step by step
Verified Expert Solution
Link Copied!

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:

  1. The capital balance of the partnership before the withdrawal of Dom______
  2. The capital balance of the partnership after the withdrawal of Dom______
  3. The book value of Dom's interest acquired by the partnership________
  4. Assuming the partnership pays Dom P120,000, how much is the capital balance of San after the withdrawal of Dom?_______
  5. 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

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,

10th Canadian Edition, Volume 1

978-1118735329, 9781118726327, 1118735323, 1118726324, 978-0176509736

Students also viewed these Accounting questions