Reference no: EM133190029
Problem 1 - On December 31, 2022, ABC Partnership's Statement of Financial Positions shows that A, B and C have capital balances of P500,000, P300,000 and P200,000 with profit or loss ratio of 1:3:6. On January 1, 2023, C retired from the partnership and received P350,000. At the time of C's retirement, an asset of the partnership is not fairly valued. What is the capital balance of B after the retirement of C?
Problem 2 - A Statement of Realization and Liquidation has been prepared for Promise Fulfilled Company. The totals are given below:
Assets to be realized 60,000 Liabilities assumed 50,000
Assets acquired 40,000 Liabilities not liquidated 65,000
Assets not realized 80,000 Supplementary credits 110,000
Liabilities to be liquidated 80,000 Supplementary charges ?
Retained earnings increased by P25,000. The beginning balance of Share Capital and Retained Earnings are P100,000 and (P40,000), respectively.
How much is the ending cash balance?
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