Mercedes, Melinda and Julieta are partners sharing profit and loss 40%, 30% and 30% respectively. Capital balances of the partners before the retirement of Mercedes were at P450,000, P425,000 and P400,000. The company sustained a net loss of P45,000 during the year. The partners were allowed to withdraw P10,000 each Instruction. Give the entry to record the retirement of Mercedes, assuming no Bonus or Revaluation will be recorded
Mercedes, Melinda and Julieta are partners sharing profit and loss 40%, 30% and 30% respectively. Capital balances of the partners before the retirement of Mercedes were at P450,000, P425,000 and P400,000. The company sustained a net loss of P45,000 during the year. The partners were allowed to withdraw P10,000 each Instruction. Give the entry to record the retirement of Mercedes, assuming no Bonus or Revaluation will be recorded
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 6BCRQ
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Mercedes, Melinda and Julieta are partners sharing profit and loss 40%, 30% and 30% respectively. Capital balances of the partners before the retirement of Mercedes were at P450,000, P425,000 and P400,000. The company sustained a net loss of P45,000 during the year. The partners were allowed to withdraw P10,000 each
Instruction. Give the entry to record the retirement of Mercedes, assuming no Bonus or Revaluation will be recorded
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT