
On June 30, 1998, the balance sheet for the
Assets, at cost P 180,000
Coll, loan P 9,000
Coll, capital (20%) 42,000
Maduro, capital (20%) 39,000
Prieto, capital (60%) 90,000
Total P 180,000
Coll decided to retire from the partnership. By mutual agreement, the assets are to be adjusted to their fair value of P 216,000 at June 30, 1998. It was agreed that the partnership would pay Coll P 61,200 cash for Coll’s partnership interest, including Coll’s loan which is to be repaid in full. No
a. P 36,450
b. 39,000
c. 45,450
d. 46,200
please help me understand my activity and I hope you include the computations so that I can understand

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