Allan, Bobby and Carlo are partners with capital accounts of P350,000, P700,000, and P450,000, respectively. They share profits and losses in a 2:4:3 ratio. Carlo anxious to retire, decided to accept a cash settlement of P400,000. Partnership assets have recently been revalued. Undistributed profit amounted to P180,000. How much is partners' equity after Carlo's retirement?
Allan, Bobby and Carlo are partners with capital accounts of P350,000, P700,000, and P450,000, respectively. They share profits and losses in a 2:4:3 ratio. Carlo anxious to retire, decided to accept a cash settlement of P400,000. Partnership assets have recently been revalued. Undistributed profit amounted to P180,000. How much is partners' equity after Carlo's retirement?
Chapter21: Partnerships
Section: Chapter Questions
Problem 2BCRQ
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Transcribed Image Text:Allan, Bobby and Carlo are partners with capital accounts of
P350,000, P700,000, and P450,000, respectively. They
share profits and losses in a 2:4:3 ratio. Carlo anxious to
retire, decided to accept a cash settlement of P400,000.
Partnership assets have recently been revalued.
Undistributed profit amounted to P180,000. How much is
partners' equity after Carlo's retirement?
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