The following balances as of the end of 2009 for the partnership of ping, pong, and pang, together with their respective profit and loss percentages, were as follows: Assets - 360,000; ping, loan - 18,000; ping, capital (20%) - 84,000; pong, capital (20%) - 78,000; pang, capital (60%) - 180,000 ping decided to retire from the partnership. Parties agreed to adjust the assets to their fair market value of P420,000 as of December 31, 2009. ping will be paid P98,000 for ping’s total partnership interest (amount is inclusive of ping's loan). No goodwill is to be recorded. After ping’s retirement, what will be the balance of pong’s capital account?
The following balances as of the end of 2009 for the partnership of ping, pong, and pang, together with their respective profit and loss percentages, were as follows: Assets - 360,000; ping, loan - 18,000; ping, capital (20%) - 84,000; pong, capital (20%) - 78,000; pang, capital (60%) - 180,000 ping decided to retire from the partnership. Parties agreed to adjust the assets to their fair market value of P420,000 as of December 31, 2009. ping will be paid P98,000 for ping’s total partnership interest (amount is inclusive of ping's loan). No goodwill is to be recorded. After ping’s retirement, what will be the balance of pong’s capital account?
Chapter21: Partnerships
Section: Chapter Questions
Problem 11BCRQ
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The following balances as of the end of 2009 for the
Assets - 360,000; ping, loan - 18,000; ping, capital (20%) - 84,000; pong, capital (20%) - 78,000; pang, capital (60%) - 180,000
ping decided to retire from the partnership. Parties agreed to adjust the assets to their fair market value of P420,000 as of December 31, 2009. ping will be paid P98,000 for ping’s total partnership interest (amount is inclusive of ping's loan). No
After ping’s retirement, what will be the balance of pong’s capital account?
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