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Exercise 4 – 13. Retirement of a Partner with Bonus to the Retiring Partner Mary, Therese, Catherine and Anne are partners sharing profits and losses in a 4:3:3:2 ratio. They have capital balances of P800,000, P600,000, P400,000, and P100,000 respectively. Catherine retires and receives P580,000 from the partnership. Required: Record the retirement of Catherine.

Exercise 4 – 13. Retirement of a Partner with Bonus to the Retiring Partner Mary, Therese, Catherine and Anne are partners sharing profits and losses in a 4:3:3:2 ratio. They have capital balances of P800,000, P600,000, P400,000, and P100,000 respectively. Catherine retires and receives P580,000 from the partnership. Required: Record the retirement of Catherine.

Accounting
Accounting
27th Edition
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Chapter12: Accounting For Partnerships And Limited Liability Companies
Section: Chapter Questions
Problem 12.14EX
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Exercise 4 – 13. Retirement of a Partner with Bonus to the Retiring Partner Mary, Therese, Catherine and Anne are partners sharing profits and losses in a 4:3:3:2 ratio. They have capital balances of P800,000, P600,000, P400,000, and P100,000 respectively. Catherine retires and receives P580,000 from the partnership. Required: Record the retirement of Catherine.
Transcribed Image Text:Exercise 4 – 13. Retirement of a Partner with Bonus to the Retiring Partner Mary, Therese, Catherine and Anne are partners sharing profits and losses in a 4:3:3:2 ratio. They have capital balances of P800,000, P600,000, P400,000, and P100,000 respectively. Catherine retires and receives P580,000 from the partnership. Required: Record the retirement of Catherine.
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