On December 31, 2022, ABC Partnership’s Statement of Financial
Positions shows that A, B and C have capital balances of 500,000,
300,000 and 200,000 with profit or loss ratio of 1:3:6. On January
1, 2023, C retired from the partnership and received 350,000. At
the time of C’s retirement, an asset of the partnership is not
fairly valued.
What is the capital balance of B after the retirement of C?
On December 31, 2022, ABC Partnership’s Statement of Financial Positions shows that A, B and C have capital balances of
-
answerhappygod
- Site Admin
- Posts: 899604
- Joined: Mon Aug 02, 2021 8:13 am
On December 31, 2022, ABC Partnership’s Statement of Financial Positions shows that A, B and C have capital balances of
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!