Bianca, Mariel and Toni are partners with capital balances of P100,000, P140,000, and P180,000 respectively. They share profits and losses in the ratio of 20:40:40. Toni decides to withdraw from the partnership receiving P220,000 including a loan to the partnership in the amount of P10,000. Assuming the use of the asset revaluation method, how much is the amount of asset revaluation increase (decrease)? O P30,000 P75,000 O (P30,000) O (P75,000)
Bianca, Mariel and Toni are partners with capital balances of P100,000, P140,000, and P180,000 respectively. They share profits and losses in the ratio of 20:40:40. Toni decides to withdraw from the partnership receiving P220,000 including a loan to the partnership in the amount of P10,000. Assuming the use of the asset revaluation method, how much is the amount of asset revaluation increase (decrease)? O P30,000 P75,000 O (P30,000) O (P75,000)
Chapter21: Partnerships
Section: Chapter Questions
Problem 57P
Related questions
Question
please give me clear explanation thnx in advance
Transcribed Image Text:Bianca, Mariel and Toni are partners with capital balances of
P100,000, P140,000, and P180,000 respectively. They share
profits and losses in the ratio of 20:40:40. Toni decides
to withdraw from the partnership receiving P220,000
including a loan to the partnership in the amount of
P10,000. Assuming the use of the asset revaluation method,
how much is the amount of asset revaluation increase
(decrease)?
O P30,000
O P75,000
O (P30,000)
O (P75,000)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT