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1. Kaeya retired from the partnership and was paid P50,000 cash in full settlement of his interest in the partnership. Venti was admitted to the partnership with a P20,000 cash investment for a 10% interest in the net assets of the partnership. No goodwill will be recognized. 2.

1. Kaeya retired from the partnership and was paid P50,000 cash in full settlement of his interest in the partnership. Venti was admitted to the partnership with a P20,000 cash investment for a 10% interest in the net assets of the partnership. No goodwill will be recognized. 2.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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pls help me with this, thank you. 

The partners' capital of Amber, Jean, Kaeya and Lisa on May 31, 2020, was as follows (together with their P/L allocation in parentheses): Amber (20%) P 60,000 Jean (20%) 80,000 Kaeya (20%) 70,000 Lisa (40%) 40,000 On May 31, 2020, with the consent of Amber, Jean and Lisa: 1. Kaeya retired from the partnership and was paid P50,000 cash in full settlement of his interest in the partnership. 2. Venti was admitted to the partnership with a P20,000 cash investment for a 10% interest in the net assets of the partnership. No goodwill will be recognized. Required: Prepare the journal entries to record the foregoing events.
Transcribed Image Text:The partners' capital of Amber, Jean, Kaeya and Lisa on May 31, 2020, was as follows (together with their P/L allocation in parentheses): Amber (20%) P 60,000 Jean (20%) 80,000 Kaeya (20%) 70,000 Lisa (40%) 40,000 On May 31, 2020, with the consent of Amber, Jean and Lisa: 1. Kaeya retired from the partnership and was paid P50,000 cash in full settlement of his interest in the partnership. 2. Venti was admitted to the partnership with a P20,000 cash investment for a 10% interest in the net assets of the partnership. No goodwill will be recognized. Required: Prepare the journal entries to record the foregoing events.
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