year, Maria decides to withdraw from the partnership. Maria will receive cash settlement P150,000 and P180,000 respectively and divide profit and loss equally. At the end of the Maria, Leonora and Teresa are partners with adjusted capital balances of P165,000, of P150,000 Instruction: Give the entry to record the withdrawal of Maria assuming - a. Bonus Method is used b. Revaluation of Asset method is used

SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 12DQ
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year, Maria decides to withdraw from the partnership. Maria will receive cash settlement
Maria, Leonora and Teresa are partners with adjusted capital balances of P165,000,
P150,000 and P180,000 respectively and divide profit and loss equally. At the end of sh
of P150,000
Instruction: Give the entry to record the withdrawal of Maria assuming -
a. Bonus Method is used
b. Revaluation of Asset method is used
Transcribed Image Text:year, Maria decides to withdraw from the partnership. Maria will receive cash settlement Maria, Leonora and Teresa are partners with adjusted capital balances of P165,000, P150,000 and P180,000 respectively and divide profit and loss equally. At the end of sh of P150,000 Instruction: Give the entry to record the withdrawal of Maria assuming - a. Bonus Method is used b. Revaluation of Asset method is used
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