Glenn, a partner in a law firm, decided to withdraw from the partnership. Glenn’s share in the partnership profits and losses was 20%. Upon withdrawal from the partnership he was paid cash in final settlement for his interest. The total of the partners’ capital accounts before the recognition of the revaluation prior to Glenn’s withdrawal was P315,000. After his withdrawal the remaining partners’ capital accounts, excluding their share of revaluation, totaled P240,000, but including their share of revaluation, totaled P384,000. What is the total amount of cash paid to Glenn? Group of answer choices 99,000 96,000 87,000 111,000
Glenn, a partner in a law firm, decided to withdraw from the partnership. Glenn’s share in the partnership profits and losses was 20%. Upon withdrawal from the partnership he was paid cash in final settlement for his interest. The total of the partners’ capital accounts before the recognition of the revaluation prior to Glenn’s withdrawal was P315,000. After his withdrawal the remaining partners’ capital accounts, excluding their share of revaluation, totaled P240,000, but including their share of revaluation, totaled P384,000. What is the total amount of cash paid to Glenn? Group of answer choices 99,000 96,000 87,000 111,000
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 12DQ
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15
Glenn, a partner in a law firm, decided to withdraw from the
What is the total amount of cash paid to Glenn?
Group of answer choices
99,000
96,000
87,000
111,000
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