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What is the total capital of mr after retirement of vm

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Question - On December 31, 2020, the Statement of Financial Position of DTS Co. has the following balances: Total Assets P225,000; VM Loan P12,500; VM Capital P51,875; MR Capital P48, 125 and LP Capital P112,500. The partners share profits and losses in the ratio of 25% to VM, 25% to MR, and 50% to LP. It was agreed among the partners that VM retires from the partnership and the partnership assets be adjusted to their fair value of P255,000 as of December 31, 2020. The partnership also suffered net loss of P75,000. The partnership would pay VM P54,250 cash for his total interest in the partnership. What is the total capital of MR after retirement of VM?

Reference no: EM133184345

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