Reference no: EM132795216
Question - NBK Partnership is engaged in leasing activities. In year 200B, the business has a monthly rent cash revenue of P100,000 and monthly cash operating expenses of P60,000, excluding a monthly depreciation expense of P20,000.
Assume the following additional information:
Partner's beginning capital
Na 500,000
Bu 300,000
Ko 200,000
Total liabilities, P500,000. Na died due to car accident.
Income tax rate is 30% of the net income.
Due to liquidity problem, the remaining partners and the heirs of Na agreed that the final settlement of Na's capital interest will be on June 30, 200C subject to 12% interest per year.
Required -
1. Compute the adjusted partners' capital for dissolution purposes.
2. Journalize the related entries of dissolution and the payment of Na's capital balance.
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