The capital balances of the partners on December 31, 2021 were: Noble (50%) - P200,000; Obedient (30%) - P300,000 and Patient (20%) - P400,000. Because of long dispute with Noble, Patient decided to withdraw from the partnership. Assuming the interest of Patient is sold to the remaining partners for P420,000, how much is the capital balance of Obedient
The capital balances of the partners on December 31, 2021 were: Noble (50%) - P200,000; Obedient (30%) - P300,000 and Patient (20%) - P400,000. Because of long dispute with Noble, Patient decided to withdraw from the partnership. Assuming the interest of Patient is sold to the remaining partners for P420,000, how much is the capital balance of Obedient
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...
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The capital balances of the partners on December 31, 2021 were: Noble (50%) - P200,000; Obedient (30%) - P300,000 and Patient (20%) - P400,000. Because of long dispute with Noble, Patient decided to withdraw from the partnership .
Assuming the interest of Patient is sold to the remaining partners for P420,000, how much is the capital balance of Obedient?
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