On December 31, 2022, ABC Partnership’s Statement of Financial Positions shows that A, B and C have capital balances of
Posted: Mon May 30, 2022 7:53 am
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?
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?