Question: Partnership Dissolution Problem A (3 points each) 1. Ace, Ben and CJ are partners with capital balances of P80,000, P120,000 and 160,000, respectively. They share

Partnership Dissolution Partnership Dissolution Problem A (3 points each) 1. Ace, Ben and CJ

Problem A (3 points each) 1. Ace, Ben and CJ are partners with capital balances of P80,000, P120,000 and 160,000, respectively. They share profits and losses in the ratio of 30:40:30. Ben decides to withdraw from the partnership. Ben receives P150,000 in settlement of his interest. If the bonus method is used, what is the capital balance of CJ immediately after the retirement of Ben? 2. Using the information in No. I and assuming asset revaluation method is used, what is the capital balance of CJ immediately after the retirement of Ben? 3. Using the information in No. 1 and assuming Ben was paid P120,000, what is the capital balance of Ace immediately after the retirement of Ben? 4. Using the information in No. 1 and assuming bonus method is used, what is the total partnership capital immediately after the retirement of Ben

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