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How much is the total partnership capital after withdrawal

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Reference no: EM132907660

The capital balances of partners in ABC Partnership on July 1,2019 before closing of net income are as follows: A, capital ( 20%) - P 600,000 ; B, Capital ( 30%)- P 1,000,000; C, Capital ( 50%) - P 400,000. The partnership reported profit of P 3,600,000 for the six months ended June 30, 2019. On July 1,2019, C withdrew from the partnership when he was bought -out by his co-partners for P 2,480,000 cash. The net assets of the firm as of this date approximate their fair values

Problem 1: The journal entry in the partnership books to record the withdrawal of C includes a debit to C's capital of how much?

Problem 2: How much is the capital balance of partner A after withdrawal of C?

Problem 3: Assuming the assets are not fairly valued, how much is the total partnership capital after withdrawal of C?

Reference no: EM132907660

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