How much is the overvaluation of the equipment

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Partners Emily, Francing and Gestapo had capital balances of P120,000, P155,000, and P115,000, respectively. The partnership generated a net loss of P140,000 during the year, The partners share profits and loss 2:5:1 respectively.

Due to disagreement, Partner Francing wanted out of the partnership. Before retirement, the value of inventory increased from P85,000 to P97,000. The partners decided to pay partner Francing P70,000 upon retirement.

Problem 1: Assume that an equipment is overvalued. How much is the overvaluation of the equipment?

Group of answer choices

a. P8,000

b. P4,000

c. P5,000

d. P2,500

 

Reference no: EM132709928

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