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!

 HENLO CAN YOU ANSWER THE TWO QUESTIONS WITH SOLUTION FOR ME

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

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