Question 392 pts
May, Jun, and Julie have partnership capital account balances of P225,000, P450,000 and P105,000, respectively. The income sharing ratio is May, 50%; Jun, 40%; and Julie, 10%. May desires to withdraw from the partnership and it is agreed that partnership assets of P195,000 will be used to pay May for her partnership interest.
How much is the balance of Jun's capital account after May's withdrawal using the asset revaluation method?
Question 402 pts
May, Jun, and Julie share profits in the ratio of 2:3:5. On January 20, Julie opted to retire from the partnership. The capital balances on this date follow:
May P43,750
Jun 70,000
Julie 61,250
How much will be the capital of Jun, assuming Julie was paid P50,000 in full settlement of her interest?