Reference no: EM132815150
On December 10, 2018, the statement of the financial position for the partnership of Cashew, Walnut, and Pistachio, together with their respective profit and loss ratio, were as follows:
Assets, at cost P 216,000
Cashew, Loan 10,800
Cashew, Capital (20%) 50,400
Walnut, Capital (20%) 46,800
Pistachio, Capital (60%) 108,000
P216,000
Cashew had decided to retire from the partnership, by mutual agreement, the assets are to be adjusted to their fair value of P259,200 at December 10, 2018. It was agreed that the partnership would pay Cashew P73,440 cash for Cashew's partnership interest including Cashew's loan which is to be repaid in full.
REQUIRED:
Question 1: After Cashew's retirement, compute the balance of Walnut's capital account.
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