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Determine the amount paid to Colter

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

-The bonus method is used; "Agler, Capital" account was debited by P50,000.

-Revaluation of asset is recorded; "Bates, Capital" account was credited by P66,000.

Reference no: EM132931764

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