Need relief next to an accounting homework interrogate...?

The O'Brien and Pope partnership balance sheets reports wherewithal of $ 60000 for O'Brien and $ 90000 for Pope. O'Brien is withdrawing from the firm. The partners agree to write partnership assets up by $ 30000. They enjoy shared profits and losses in the ratio of 1/3 to O'Brien and 2/3 to Pope. The partnership agreement states that a withdrawing partner will receive assets equal to the book effectiveness of his owner's equity.

1. How much will O'Brien receive?
2. What will Pope's beginning income on the books when he immediately begins as a proprietorship?

** I'm not sure how to numeral this out. Can anyone help near this please?

Thanks very much. Any give support to is very appreciated.


Answers:    Obrien will attain 90K plus 20K from the marking up of assets so 110K

Pope will own the entire busiess and if the assets are worth the 180K smaller number the 110K OBrien took he will have possessions of 70K

Think of it this way he Pope have 60K and got 1/3 of the 30K so is immediately worth 70K
1. $60000 + 1/3 x $30000 = $70000
2. $90000 + 2/3 x $30000 = $110000

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