Question
May, Jun, and Julie share profits in the ratio of 2:3:5. On January 20, Julie opted to retire from the partnership. The capital balances on
May, Jun, and Julie share profits in the ratio of 2:3:5. On January 20, Julie opted to retire from the partnership. The capital balances on this date follow:
May | P43,750 |
Jun | 70,000 |
Julie | 61,250 |
How much will be the capital of Jun, assuming Julie was paid P50,000 in full settlement of her interest?
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
9th Edition
978-0470317549, 9780470387085, 047031754X, 470387084, 978-0470533475
