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The condensed balance sheet of the partnership of EE, FF and GG with corresponding profit...

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Accounting

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The condensed balance sheet of the partnership of EE, FF and GG with corresponding profit and loss sharing percentage as of June 30, 20x5 was as follows: Net assets .... P480.000 EE, capital (50%) FF, capital (30%) GG, capital (20%) P240,000 144,000 96,000 P480,000 As of said date, EE retired from the partnership. By mutual agreement, he was paid P270,000 for his interest in the partnerhsip. Partial goodwill or adjustment in assets was to be recorded. After EE's retirement, the total net assets of the partnership was

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