Reference no: EM132627917
Question - On June 30, 2009, the balance sheets of the partnership of AAA, BBB and CCC, together with their respective profit and loss ratios, were as follows: Assets, at cost P 180,000 AAA, loan P 9,000 AAA, capital (20%) 42,000 BBB. Capital (20%) 39,000 CCC , capital (60%) 90,000 Total P 180,000 AAA has decided to retire from the partnership. By mutual agreement, the assets are to be adjusted to their fair value of P216,000 at June 30, 2009. It was agreed that the partnership would pay AAA P61,200 cash for AAA's partnership interest, including AAA's loan which is to be repaid in full. No goodwill is to be recorded. After AAA's retirement, what is the balance of BBB's capital account?
a. P36,450 b. P45,450 c. P39,000 d. P46,200
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