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How much are the capital balances of L and M

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Question - L, M and N are partners sharing profits in the ratio of 3:2:1 respectively, Capital accounts are P500,000, P300,000 and P200,000 on December 31, 2020, when N decides to withdraw. It is agreed to pay P300,000 for N's interest. Profits after the withdrawal of N are to be shared equally.

a. Using the bonus approach, how much are the capital balances of L and M after N's withdrawal?

b. Using assets revaluation approach, how much are the capital balances of L and M after N's withdrawal?

Reference no: EM132641281

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