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The Following Balance Sheet Information Is for the Partnership of Abel

Question 3

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The following balance sheet information is for the partnership of Abel, Boule, and Cayman: The following balance sheet information is for the partnership of Abel, Boule, and Cayman:   Figures shown parenthetically reflect agreed profit and loss sharing percentages. If assets on the initial balance sheet are fairly valued, Abele and Boule consent and Dann pays Cayman $225,000 for his interest; the revised capital balances of the partners would be A) Abele, $315,000; Boule, $495,000; Dann, $450,000. B) Abele, $315,000; Boule, $495,000; Dann, $420,000. C) Abele, $300,000; Boule, $570,000; Dann, $450,000. D) Abele, $300,000; Boule, $480,000; Dann, $420,000. Figures shown parenthetically reflect agreed profit and loss sharing percentages.
If assets on the initial balance sheet are fairly valued, Abele and Boule consent and Dann pays Cayman $225,000 for his interest; the revised capital balances of the partners would be


A) Abele, $315,000; Boule, $495,000; Dann, $450,000.
B) Abele, $315,000; Boule, $495,000; Dann, $420,000.
C) Abele, $300,000; Boule, $570,000; Dann, $450,000.
D) Abele, $300,000; Boule, $480,000; Dann, $420,000.

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