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What is the capital balance of the remaining three partners

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Reference no: EM131581971

Question - The E.N.D. partnership has the following capital balances as of the end of the current year:

Pineda$320,000  

Adams 280,000  

Fergie 250,000  

Gomez 230,000       

Total capital$1,080,000

a. Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $305,000 based on the terms of the original partnership agreement. If the goodwill method is used, what is the capital balance of the remaining three partners?

b. Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and is paid $350,000 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital balance of the remaining three partners?

Reference no: EM131581971

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