Use the following information for numbers 29 and 30.On June 30, 2018, the balance sheet for the partnership of D, E and F, together with their respective profit and loss ratios, is summarized as follows:Assets300,000D, Loan15,000D, Capital (20%)70,000E, Capital (20%)F, Capital (60%)Total Liabilit ies and Capital65,000150,000Total Assets300,000300,000D has decided to retire from the partnership, and by mutual agreement the assets are to be adjusted to their fair values of P260,000 at June 30, 2018.It is agreed that the partnership will pay D, P102,000 cash for his interest exclusive of his loan which is to be repaid in full. After D's retirement,what are the capital balances of each partner?29. Partner E.30. Partner F.

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Business

Accounting

Use the following information for numbers 29 and 30. 2010

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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