Question: CEE, DEE and EEE shared profit and losses based on 5:3:2 was allowed to withdraw from the partnership on 31 December 2020 with P600,000cash as

CEE, DEE and EEE shared profit and losses based on 5:3:2 was allowed to withdraw from the partnership on 31 December 2020 with P600,000cash as full settlement. The condensed statement of financial position is as follows:

ASSETS:

Due from EEE, P250,000

Goodwill, P2000,000

Other Assets, P4750,000

LIABILITIES and CAPITAL:

Liabilities, P2,000,000

Due to DEE, P750,000

CEE, Capital, P1,750,000

DEE, Capital, P1,500,000

EEE, Capital, P1,000,000

Using Goodwill method, how much is the total Goodwill resulting from the withdrawal of EEE?

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