Long-term partners, A, B, and C have capital balances of P160,000, P60,000 and P50,000, respectively. They share in profits and losses 5:3:2, respectively. All assets are valued fairly. C decides to retire from the partnership. C sells the interest to B for P25,000. Compute B's capital balance after C withdrawal.

Long-term partners, A, B, and C have capital balances of P160,000, P60,000 and P50,000, respectively. They share in profits and losses 5:3:2, respectively. All assets are valued fairly. C decides to retire from the partnership. C sells the interest to B for P25,000. Compute B's capital balance after C withdrawal.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter20: Corporations And Partnerships

Section: Chapter Questions

Problem 6CPA

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