Question: HENLO CAN YOU ANSWER THE TWO QUESTIONS WITH SOLUTION FOR ME TO UNDERSTAND! THANK YOUU! 3. X, Y and Z are partners dividing profits and
HENLO CAN YOU ANSWER THE TWO QUESTIONS WITH SOLUTION FOR ME TO UNDERSTAND! THANK YOUU!

3. X, Y and Z are partners dividing profits and losses in the ratio of 5:3:2 and whose capital balances as of January 1, 2016 were P600,000, P400,000 and P300,000, respectively. Z is retiring from the partnership as of July 1, 2016. The partnership agreement provides that the books of accounts need not be closed upon the retirement of a partner. Net income is to be considered as having been realized proportionately during the period. The partnership estimated net income for 2016, P480,000. Prior to her retirement, Z paid personal expenses of P15,000 from the partnership funds. The partnership, on the other hand, collected P50,000 from personal receivable of Z and deposited the same for the account of the partnership. How much is the total amount due to Z as of the date of retirement? A. P348,000 B. P359,000 C. P383,000 D. P431,000
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
