epare the journal entries to record Ibrahim's withdrawal under each of the
Chapter21: Partnerships
Section: Chapter Questions
Problem 57P
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Transcribed Image Text:SCO
PROFESSOR:
NAME:
SECTION:
Problem #20
Withdrawal of a Partner
position for the partnership on that date follows:
Cebedo, Basa and Ibrahim
Statement of Financial Position
July 10, 2019
Liabilities and Partners' Capital
骨
Assets
P 74,000
36,000
135,000
30,000
P275,000
Liabilities
P 45,000
120,000
Cash
Trade Accounts Receivable (net)
Plant Assets (net)
Goodwill (net)
Cebedo, Capital
Basa, Capital
Ibrahim, Capital
60,000
50,000
P275,000
Total
Total
Required:
Prepare the journal entries to record Ibrahim's withdrawal under each of the following
assumptions:
1. Ibrahim is paid P54,000, and the excess amount paid over Ibrahim's capital account
balance is recorded as a bonus to Ibrahim from Cebedo and Basa.
2. Ibrahim is paid P45,000, and the difference is recorded as a bonus to Cebedo and
Basa from Ibrahim.
* 1oranim accepted cash of P40,500 and plant assets (equipment) with a current fair
value of P9,000. The equipment had cost P30.000 and was 60% depreciated, with
sidual value (Record any gain or loss on the disposal of the equipment in the
partners' capital accounts).
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