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What amount should be reported as capital balance of partner

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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: What amount should be reported as the capital balance of partner Gestapo after the retirement of partner Francing?

Group of answer choices

a. P100,667

b. P98,500

a. P99,500

b. P93,333

Reference no: EM132709926

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