ABC Partnership revealed that A, B and C's capital balances were P500,000, P300,000 and P200,000 with profit or loss ratio of 1:3:6. On January 1, 2022, C retired from the partnership and received P350,000. At the time of C's retirement, an asset of the partnership is undervalued. What is the capital balance of A after the retirement of C?
ABC Partnership revealed that A, B and C's capital balances were P500,000, P300,000 and P200,000 with profit or loss ratio of 1:3:6. On January 1, 2022, C retired from the partnership and received P350,000. At the time of C's retirement, an asset of the partnership is undervalued. What is the capital balance of A after the retirement of C?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ABC Partnership revealed that A, B and C's capital balances were P500,000, P300,000 and P200,000 with profit or loss ratio of 1:3:6. On January 1, 2022, C retired from the partnership and received P350,000. At the time of C's retirement, an asset of the partnership is undervalued. What is the capital balance of A after the retirement of C?
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