Unruh, Grey, and Carter are partners with capital balances of P80,000, P200,000, and P120,000,respectively. Profits and losses are shared in a 3:2:1 ratio. Grey decided to withdraw and thepartnership revalued its assets. The value of inventory was decreased by P20,000 and the value ofland was increased by P50,000. Unruh and Carter then agreed to pay Grey P230,000 for hiswithdrawal

Unruh, Grey, and Carter are partners with capital balances of P80,000, P200,000, and P120,000,respectively. Profits and losses are shared in a 3:2:1 ratio. Grey decided to withdraw and thepartnership revalued its assets. The value of inventory was decreased by P20,000 and the value ofland was increased by P50,000. Unruh and Carter then agreed to pay Grey P230,000 for hiswithdrawal

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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