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Problem 1: X,Y and Z are partners dividing pro?ts and losses in the ratio of 5:3:2 and whose capital balances as of January 1, w were P000000, P400000, and P300000, respectively. 2 is retiring from the partnership as of July 1, 2013. The partnership agreement provides that the books of accounts need not be closed upon the retirement of a partner. Net income is to be considered as having been realized proportionateiy during the period. The partnership estimated net income for 2013, P400000. Prior to her retirement, 2 paid personal expenses of P15,000 from the partnership funds. The partnership, on the other hand, collected P50,000 from Ersonal receivable of Z and deposited the same for the account of the partnership. How much is the total amount due to E as of the date of retirement?
A. P348,000
B. P353000
C. P333000
D. P431,000
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