Professional Documents
Culture Documents
Past
Past
P150,000 and P200,000 respectively, sharing profit and losses on a 5:3:2 ratio. On July 1, 2013 Past
withdraw from the partnership. Partners agreed that at the time of withdrawal, certain inventories had
to be revalued at P70,000 from its cost of P50,000. For the seven month period ending July 30,2013, the
partnership generated a net income of PI40,000. Further, partners agreed to pay Past PI95,000 for his
interest and that the remaining partners' capital accounts would be adjusted for whatever goodwill the
settlement would generate.
a. P15,000 c. P50,000
b. P25,000 d. P42,500