Reference no: EM132576266
Question - Ramos, Edurese, Sianen and Trinidad are partners of R.E.S.T. Firm and share profits in the ratio of 2:3:4:3, respectively. Capital balances as of January 1, 2010 were as follows: Ramos - P405,000; Edurese - P675,000; Sianen - P432,000; and Trinidad - P 756,000.
On September 30, 2010, hardworking and genius general manager Sianen was murdered by an archrival in business. Grievous as it is, the partners strived to continue business operations. The partnership books were closed on December 31, with a credit balance of P450,000 for the income summary account and 1/5 of which was earned during the period after the death of Sianen. Articles of partnership provides that in the event of death of any partner, the firm shall continue until the end of fiscal period and the deceased partner's capital shall be adjusted by his share of the profit or loss to the date of death. Settlement with the estate shall be made within 6 months from the date of partner's death and the partnership shall pay interest of 10% per annum based on adjusted capital. The remaining partners shall continue to divide profits in the old ratio.
On December 31, 2010, Ramos notified the remaining partners that she was retiring from the partnership and was willing to accept settlement equal to 80% of her capital balance after the distribution of profits. Edurese and Trinidad accepted her offer and issued a 90day, 10% note as payment of Ramos' interest. What is the capital of Trinidad after the retirement of Ramos on December 31, 2010?
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