Long-term partners, A, B, and C have capital balances of P120,000, P80,000 and P120,000, respectively. They share in profits and losses 4:2:4, respectively. C decides to retire from the partnership. C sells the interest to the partnership for P140,000. Asset revaluation is recorded. Compute A's capital balance after retirement.

Long-term partners, A, B, and C have capital balances of P120,000, P80,000 and P120,000, respectively. They share in profits and losses 4:2:4, respectively. C decides to retire from the partnership. C sells the interest to the partnership for P140,000. Asset revaluation is recorded. Compute A's capital balance after retirement.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 12DQ

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