Peter, James, and John are partners sharing profits and losses of 36%,24%, and 40%, respectively....
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Peter, James, and John are partners sharing profits and losses of 36%,24%, and 40%, respectively. The December 31, 2022 trial balance included the following information: John decided to withdraw from the partnership on January 2, 2023. By mutual agreement, the following adjustments are to be made before the withdrawal of John. a) The Equipment was over depreciated by P70,000. b) Inventories worth P100,000 are very high in demand and supplies are running out. Their current market value is now P130,000. If John received 9686,000 from the partnership, how much is the capital balance of James after the withdrawal of John? Note: Round off answer to the nearest peso
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