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How much is the equity of gene in the partnership

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Question - Elmo, Flor and Gene are partners dividing profits and losses in the ratio of 3:3:2, respectively whose capital balances as of the beginning of the year were P60,000, and P40,000, and P30,000, respectively. Seven months later, Gene retired. The net income for the year was estimated at P48,000 (realized uniformly throughout the year). On the date of the retirement, the drawing account if Gene in the amount of P5,000. How much is the equity of Gene in the partnership on the date of his retirement?

Reference no: EM133132676

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