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Determine the amount paid to colter

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Reference no: EM132904713

Agler, Bates and Colter are partners who share income in a 5:3:2 ratio. Colter, whose capital balance is P150,000, retires from the partnership.

Required

Problem 1: Determine the amount paid to Colter under each of the following cases:

1.1. The bonus method is used; "Agler, Capital" account was debited by P50,000.
1.2. Revaluation of asset is recorded; "Bates, Capital" account was credited by P66,000.

Reference no: EM132904713

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