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What is the capital account of faire after the retirement

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Question - The following balances as at October 31, 2016 for the Partnership of FFF were as follows:

Cash 80,000

Fair, Loan 24,000

Non-cash assets 640,000

Liabilities 24,000

Fare, Loan 36,000

Fare, Capital 168,000

Fair, Capital 156,000

Faire, Capital 360,000

Fare has decided to retire from the partnership on October 31. Partners agreed to adjust the non -cash assets to their fair values of P784,000. The estimated profit on October 31 is P160,000. Fare will be paid P276,800 for her partnership interest exclusive of her loan which is to be paid in full. Their profit and loss ratio is 3:4:3 to FFF respectively.

Required -

1. What will be the balance of Fair capital account after the retirement of Fare?

2. Assuming the amount paid to Fare is inclusive of his loan, what is the capital account of Faire after the retirement of Fare?

Reference no: EM132823087

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