Reference no: EM132955958
Question - The balance sheet as of June 30, 2019 for the partnership of Vasquez, Watson, and Ylagan shows total assets at P360,000 and liabilities and capital: Vasquez, Loan = P20,000; Vasquez, Capital = P80,000; Watson, Capital = P100,000; and Ylagan, Capital = P160,000 It was agreed among the partners that Vasquez retires from the partnership and it was further agreed that the assets be adjusted to their fair value of P408,000 as of June 30, 2019.
The partnership would pay Vasquez, P116,000 cash for his partnership interest and includes the payment of loan to him. Vasquez, Watson and Ylagan share profits and losses, 20%, 30%, and 50% respectively.
Required - What is the capital balance of Watson after the retirement of Vasquez?
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