Reference no: EM132904374
Problem 1: Miami, Dallas and Chicago were partners with capital balances on January 2, 2017 of P 100,000, P 150,000, and P 200,000, respectively. Their profit and loss ratio is 5:3:2. On July 1, 2017, Miami retires from the partnership. On the date of retirement, the partnership profit is P 140,000 and the partners agreed that inventories are to be revalued at P 70,000 from its original cost of P 50,000. The partners agreed further to pay Miami, P 195,000 in settlement of his interest. What are the capital balances of the remaining partners after the retirement of Miami? Single choice.
a. 189,000 and 226,000
b. 198,000 and 232,000
c. 207,000 and 238,000
d. 220,000 and 226,000
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