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Partners E, F, G have capital balances of P120,000, P155,000, and P115,000 respectively. The partnership generated net loss of P140,000 during the year. They share
Partners E, F, G have capital balances of P120,000, P155,000, and P115,000 respectively. The partnership generated net loss of P140,000 during the year. They share profits and losses 2:5:1 respectively. Due to disagreement partner F wants out of the partnership. Before retirement, the value of their inventory increased from P85,000 to P97,000. The partners decided to pay partner F P70,000 upon retirement. 13. How much is the capital balances of partners E and G after the retirement of partner F ? A. 84,667 and 97,333 B. 89,000 and 99,500 C. 91,333 and 100,667 D. 87,000 and 98,500 14. Assume that another asset, an equipment, is overvalued, how much is the overtaluation of the equipment and the capital balances of partners E and G after retirement of parther F? A. 5.000 and 91,333 and 100,667 B. 5.000 and 84.667 and 97,333 C. 8.000 and 89.000 and 99.500 D. 8.000 and 86,000 and 98.000
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