When Danny withdrew from John, Daniel, Harry, and Danny LLP, he was paid P80,000, although his capital account balance was only P60,000. The four partners shared net income and losses equally. The journal entry of the partnership to record Danny's withdrawal preferably should include: A. 6,667 debit to John, Capital C. 5,000 debit to John, Capital B. 6,667 credit to John, Capital D. 5,000 credit to John, Capital
When Danny withdrew from John, Daniel, Harry, and Danny LLP, he was paid P80,000, although his capital account balance was only P60,000. The four partners shared net income and losses equally. The journal entry of the partnership to record Danny's withdrawal preferably should include: A. 6,667 debit to John, Capital C. 5,000 debit to John, Capital B. 6,667 credit to John, Capital D. 5,000 credit to John, Capital
Chapter21: Partnerships
Section: Chapter Questions
Problem 7BCRQ
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Question
When Danny withdrew from John, Daniel, Harry, and Danny LLP, he was paid P80,000,
although his capital account balance was only P60,000. The four partners shared net
income and losses equally. The
withdrawal preferably should include:
A. 6,667 debit to John, Capital
C. 5,000 debit to John, Capital
B. 6,667 credit to John, Capital
D. 5,000 credit to John, Capital
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