Peter, James, and John are partners in Apostles Partnership with the following adjusted capital balances: Capital...
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Peter, James, and John are partners in Apostles Partnership with the following adjusted capital balances: Capital balances (in P) P/L ratio Peter, Capital 500,000 James, Capital 300,000 38% John, Capital 150,000 27% Peter decided to retire from the partnership due to health reasons. By mutual agreement, the partners paid Peter P572,000. How much is the bonus given by John to Peter? 35% Peter, James, and John are partners in Apostles Partnership with the following adjusted capital balances: Capital balances (in P) P/L ratio Peter, Capital 500,000 James, Capital 300,000 38% John, Capital 150,000 27% Peter decided to retire from the partnership due to health reasons. By mutual agreement, the partners paid Peter P572,000. How much is the bonus given by John to Peter? 35%
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First we need to calculate the total capital balance of the partnership before the retirement of Pet... View the full answer
Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
Posted Date:
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