A partners retires from the partners and receives an amount higher than his capital balance at the time of his retirement. Under Philippine GAAP, which of the following explanation is valid if the capital balances of the remaining partners increase after such retirement? Group of answer choices Bonus has been given by the retiring partner to the remaining partners. Bonus has been given by remaining partners to retiring partner. Goodwill arising from partner's retirement has been recognized. Asset revaluation has been recognized at the time of retirement.
A partners retires from the partners and receives an amount higher than his capital balance at the time of his retirement. Under Philippine GAAP, which of the following explanation is valid if the capital balances of the remaining partners increase after such retirement? Group of answer choices Bonus has been given by the retiring partner to the remaining partners. Bonus has been given by remaining partners to retiring partner. Goodwill arising from partner's retirement has been recognized. Asset revaluation has been recognized at the time of retirement.
Chapter21: Partnerships
Section: Chapter Questions
Problem 6BCRQ
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Question
A partners retires from the partners and receives an amount higher than his capital balance at the time of his retirement. Under Philippine GAAP, which of the following explanation is valid if the capital balances of the remaining partners increase after such retirement?
Group of answer choices
Bonus has been given by the retiring partner to the remaining partners.
Bonus has been given by remaining partners to retiring partner.
Asset revaluation has been recognized at the time of retirement.
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