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Find the capital balance of X and Y after the retirement

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Question - X, Y, and Z are partners with capital balances on March 31, 2010 of P 600,000 P 600,000 and P 400,000 respectively. Profits and losses are shared equally. Z wishes to withdraw and it is agreed that he is to take certain equipment at their second-hand value of P 24,000 an note for the balance of his interest. The equipment is carried on the books fully depreciated. Brand new, may cost P 40,000. Find the capital balance of X and Y after the retirement of Z?

Reference no: EM132948045

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