13. Under Millan book. This is not a part of our exam but is included in the reference book and I want to review its answer. 13. The net assets of ABC Co. on June 30, 20x1 before closingentries consisted of the following: A (20%), P300,000; B (30%).P500,000; and C (50%), P200,000. Profit for the six monthsended June 30, 20x1 was PI,800,000. C withdraws on July 1,20x1 and receives P1,000,000 cash and fully depreciatedequipment with fair value of P600,000 from the partnership.What is the capital balance of A right after C's withdrawal?a. 780,000c. 700,000d. 1,800,000b. 1,220,000

When the partnership is dissolved, the gain or loss arising out of dissolution needs to be adjusted…

13. The net assets of ABC Co. on June 30, 20xl before closing entries consisted of the following A (20%), P300,000; B (30%). PS00,000; and C (50%), P200,000. Profit for the si months ended June 30, 20x1 was PI,800,000. C withdraws on July 1, 20x1 and receives PL,000,000 cash and fully depreciated equipment with fair value of P600,000 from the partnership. What is the capital balance of A right after C's withdrawal? a. 780,000 b. 1,220,000 c. 700,000 d. 1,800,000

13. The net assets of ABC Co. on June 30, 20xl before closing entries consisted of the following A (20%), P300,000; B (30%). PS00,000; and C (50%), P200,000. Profit for the si months ended June 30, 20x1 was PI,800,000. C withdraws on July 1, 20x1 and receives PL,000,000 cash and fully depreciated equipment with fair value of P600,000 from the partnership. What is the capital balance of A right after C's withdrawal? a. 780,000 b. 1,220,000 c. 700,000 d. 1,800,000

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter14: Statement Of Cash Flows

Section: Chapter Questions

Problem 17BEA

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