Paul, Frank and Basil formed a partnership 10 years ago and Paul is about to retire. Paul

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Paul, Frank and Basil formed a partnership 10 years ago and Paul is about to retire.

Paul is not financially minded but he knows that he is entitled to one-third of partnership

assets upon his retirement. Total assets have a book value of P900,000 and Paul feels

that he is entitled to his share. Frank and Basil are aware that the market value of the

firm'snetassetsapproximatesP1,500,000.FrankandBasilplantoformanew

partnership.

Required:

What are the financial and ethical and legal implications of distributing P300,000 to Paul

upon his retirement?

Posted Date: Jun 23, 2024 12:00 PM

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Paul, Frank and Basil formed a partnership 10 years ago and Paul is about to retire. Paul

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