Question
On December 30, 20x10, the balance sheet of ABC has the following balances: total assets, P450,000; A loan, P25,000; A, Capital, P103,750; B, Capital, P96,250;
On December 30, 20x10, the balance sheet of ABC has the following balances: total assets, P450,000; A loan, P25,000; A, Capital, P103,750; B, Capital, P96,250; and C , Capital, P225,000. The partners share profits and losses in the ratio 25:25:50 each respectively and it is agreed among the partners that A is to retire. The partnership assets are to be adjusted to their fair values of P510,000 as of December 31, 20x10. The partnership also suffered a net loss of P150,000. The partnership would pay A, P108,500 cash for his total interest in the partnership. What is the capital of B after the retirement of A?
a.P76,000
b.P73,000
c.P76,750
d.P73,750
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A Comprehensive Guide To Information Security Management And Audit
Authors: Rajkumar Banoth, Gugulothu Narsimha, Aruna Kranthi Godishala
1st Edition
1032344431, 978-1032344430
