The total of the partners' capital accounts was P770,000 before the recognition of partnership asset revaluation in preparation for the withdrawal of a partner whose profit or loss sharing is 20%. He was paid P196,000 by the firm in final settlement for his interest. The remaining partners' capital accounts, excluding their share of the asset revaluation, totaled P630,000 after his withdrawal. The total asset revaluation of the firm agreed upon was:
The total of the partners' capital accounts was P770,000 before the recognition of partnership asset revaluation in preparation for the withdrawal of a partner whose profit or loss sharing is 20%. He was paid P196,000 by the firm in final settlement for his interest. The remaining partners' capital accounts, excluding their share of the asset revaluation, totaled P630,000 after his withdrawal. The total asset revaluation of the firm agreed upon was:
Chapter20: Corporations And Partnerships
Section: Chapter Questions
Problem 55P
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The total of the partners' capital accounts was P770,000 before the recognition of partnership asset revaluation in preparation for the withdrawal of a partner whose profit or loss sharing is 20%. He was paid P196,000 by the firm in final settlement for his interest. The remaining partners' capital accounts, excluding their share of the asset revaluation, totaled P630,000 after his withdrawal. The total asset revaluation of the firm agreed upon was:
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