Maurice Tutor

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Category > Accounting Posted 22 Jul 2017 My Price 5.00

Coll, Maduro, and Prieto

On June 30, 2006, the balance sheet for the partnership of Coll, Maduro, and Prieto, together with their respective profit and loss ratios, were as follows:

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Assets, at cost

$180,000

Coll, loan

$ 9,000

Coll, capital (20%)

42,000

Maduro, capital (20%)

39,000

Prieto, capital (60%)

90,000

Total

$180,000

Coll has decided to retire from the partnership. By mutual agreement, the assets are to be adjusted to their fair value of $216,000 at June 30, 2006. It was agreed that the partnership would pay Coll $61,200 cash for Coll’s partnership interest, including Coll’s loan which is to be repaid in full. No goodwill is to be recorded. After Coll’s retirement, what is the balance of Maduro’s capital account?

  1. $36,450
  2. $39,000
  3. $45,450
  4. $46,200

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 08:07 PM My Price 5.00

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