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How much of the gain will be assigned to pritchard

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Reference no: EM132655109

Problem 1: Johnson and Pritchard are partners. They are changing the profit and loss ratios from the current 60/40 to 70/30. At the date of the change, vacant land owned by the partnership has a book value of P50,000 and a market value of P60,000. The partners choose to have an itemized list of assets with market values different from book values. If the land is sold in the future for P80,000, how much of the gain will be assigned to Pritchard?

Reference no: EM132655109

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