Santino is to withdraw

SWFT Corp Partner Estates Trusts
42nd Edition
ISBN:9780357161548
Author:Raabe
Publisher:Raabe
Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations
Section: Chapter Questions
Problem 17CE
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Santino is to withdraw from Mariposa Partnership, owned by partners Macario, Policarpio
and Santino, with capital balances of P200,000, P250,000 and P100,000. Macario
purchased 60% of Santino's interest for P65,000 while Policarpio paid Santino P50,000 for
the remainder.
Instruction: Give the entry to record the withdrawal of Santino from the
Partnership.
Transcribed Image Text:Santino is to withdraw from Mariposa Partnership, owned by partners Macario, Policarpio and Santino, with capital balances of P200,000, P250,000 and P100,000. Macario purchased 60% of Santino's interest for P65,000 while Policarpio paid Santino P50,000 for the remainder. Instruction: Give the entry to record the withdrawal of Santino from the Partnership.
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