Heginio Lacson, Joel Jo, and Alex Ajoc are partners who shared profit and losses of 30%, 50%, and 20%, respectively. Jo decides to withdraw from the partnership. Their respective capital account balances after partnership s books have been adjusted, as follows: Heginio Lacson P60,000 Joel Jo P85,000 Alex Ajoc P55,000 Required: 1. Prepare journal entry to record the withdrawal of Joel Jo from the partnership under the following assumptions: a. Alex Ajoc buys his share for P90,000. b. Heginio Lacson buys % his share and4 by Alex Ajoc. Marco Ocenar, and outsider buys his interest for P80,000. C. Assumption a:
Heginio Lacson, Joel Jo, and Alex Ajoc are partners who shared profit and losses of 30%, 50%, and 20%, respectively. Jo decides to withdraw from the partnership. Their respective capital account balances after partnership s books have been adjusted, as follows: Heginio Lacson P60,000 Joel Jo P85,000 Alex Ajoc P55,000 Required: 1. Prepare journal entry to record the withdrawal of Joel Jo from the partnership under the following assumptions: a. Alex Ajoc buys his share for P90,000. b. Heginio Lacson buys % his share and4 by Alex Ajoc. Marco Ocenar, and outsider buys his interest for P80,000. C. Assumption a:
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 43P
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Transcribed Image Text:Heginio Lacson, Joel Jo, and Alex Ajoc are partners who shared profit and losses of 30%, 50%, and 20%,
respectively. Jo decides to withdraw from the partnership. Their respective capital account balances after partnership s
books have been adjusted, as follows:
Heginio Lacson
P60,000
Joel Jo
P85,000
Alex Ajoc
P55,000
Required:
1. Prepare journal entry to record the withdrawal of Joel Jo from the partnership under the following assumptions:
Alex Ajoc buys his share for P90,000.
b. Heginio Lacson buys his share and4 by Alex Ajoc.
Marco Ocenar, and outsider buys his interest for P80,000.
a.
C.
Assumption a:
Assumption b:
Assumption c:
Transcribed Image Text:2. Determine the capitalization of the partnership after Joel Jo's withdrawal in each of the given assumption.
Answer:
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