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How much is credited to Notes Payable

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Question - Win, Baek and Jhim are partners with capital credit balances as of December 31, 2021 of P300,000; P300,000; and P200,000, respectively. Jhim is allowed to withdraw, and it was agreed that she is to take certain furniture items at their second-hand value of P15,000, plus a promissory note for the balance of her interests. The furniture items are carried on the books as fully depreciated; brand new, however, they would cost P18,000. Profits and losses are shared equally. How much is credited to Notes Payable as a result of Jhim's retirement?

Reference no: EM132973470

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