Partner Peter is retiring in midyear from Apostles Partnership due to his family relocation. Physical distance...
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Partner Peter is retiring in midyear from Apostles Partnership due to his family relocation. Physical distance will prevent him from coping with the daily rigors of their fashion and beauty consulting services company. After the books have been adjusted for the semi-annual profits, their capital balances are as follows: Peter Capital - P540,000; James, Capital - P430,000; John, Capital - P210,000 Profit sharing is 4:3:2. Assume that Peter was in a hurry to leave for the family relocation the reason he just demanded for a bargain settlement of P428,000. He also wants to leave a small token to James and John for the many years of friendship, trust, support, and love shared in the partnership. How much is the capital of John after Peter's retirement? Partner Peter is retiring in midyear from Apostles Partnership due to his family relocation. Physical distance will prevent him from coping with the daily rigors of their fashion and beauty consulting services company. After the books have been adjusted for the semi-annual profits, their capital balances are as follows: Peter Capital - P540,000; James, Capital - P430,000; John, Capital - P210,000 Profit sharing is 4:3:2. Assume that Peter was in a hurry to leave for the family relocation the reason he just demanded for a bargain settlement of P428,000. He also wants to leave a small token to James and John for the many years of friendship, trust, support, and love shared in the partnership. How much is the capital of John after Peter's retirement?
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Answer rating: 100% (QA)
Based on the given information Peters capital balance before retirement was P540000 However he demanded a bargain settlement of P428000 which means he ... View the full answer
Related Book For
Foundations of Finance The Logic and Practice of Financial Management
ISBN: 978-0132994873
8th edition
Authors: Arthur J. Keown, John D. Martin, J. William Petty
Posted Date:
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