By mutual agreement, the non-cash assets of P160,000 were to be adjusted to their fairmarket value of P216,000 at December 31, 2014. It was agreed that the partnership wouldpay Sianosa P16,200 cash for her partnership's interest, including, her loan which is to berepaid in full.Required:1. Prepare adjusting entry to reflect in the book the revaluation of assets.2. Journal Entry to retire Sianosa from the partnership. 4-6Christy Sianosa, Josephine Rosete and Lynn Facturan are partners who shared profit and lossof 2:2:4, The post-closing'trial balance was presented below before Sianosa has decided toretire from the partnership:DebitCreditCashP 20,000Accounts Receivable35,000Furniture & Fixtures50,000P 9,000C. Sianosa, LoanC. Sianosa, CapitalJ. Rosete, CapitalL. Facturan, CapitalTota!42,00039,00090,000P180,000P180.000

The Retirement of an old partner in a partnership is treated as a reconstitution of the partnership…

By mutual agreement, the non-cash assets of P160,000 were to be adjusted to their market value of P216,000 at December 31, 2014. It was agreed that the partnership wo pay Sianosa P16,200 cash for her partnership's interest, including, her loan which is to repaid in full. Required: Prepare adjusting entry to reflect in the book the revaluation of assets. 2. Journal Entry to retire Sianosa from the partnership. 1.

By mutual agreement, the non-cash assets of P160,000 were to be adjusted to their market value of P216,000 at December 31, 2014. It was agreed that the partnership wo pay Sianosa P16,200 cash for her partnership's interest, including, her loan which is to repaid in full. Required: Prepare adjusting entry to reflect in the book the revaluation of assets. 2. Journal Entry to retire Sianosa from the partnership. 1.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 2EA: The partnership of Chase and Chloe shares profits and losses in a 70:30 ratio respectively after...

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The partnership of Chase and Chloe shares profits and losses in a 70:30 ratio respectively after Chloe receives a $10,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $ 30,000 B. $ 6,000 C. ($10,000)
Can I please get help wtih this question?6.3 Ries, Bax, and Thomas invested $48,000, $64,000, and $72,000, respectively, in a partnership. During its first calendar year, the firm earned $416,100. Required: Prepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $416,100 net income under each of the following separate assumptions. 1. The partners did not agree on a plan, and therefore share income equally.
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Problem 1 The following debit (credit) balances on the account of SAM Partnership are as follows: Sucrose, Capital (P1,000,000) Albedo, Capital ( 1,200,000) Mona, Capital ( 800,000) Sucrose, Loan 100,000 Albedo, Loan 300,000 Mona, Loan ( 100,000) Sucrose, Albedo and Mona currently allocate their profits and losses based on the ratio of 3:4:3, respectively. With the consent of the remaining partners, Albedo decided to retire from the partnership by selling 75% of his…