4.12 A, B, and C are partners sharing profits in the ratio of 3:2:5, respectively. The goodwill of the business (not recognized in the books) is valued at P 12,000. The capital accounts of the partners are as follows: P 40,000 30,000 20,000 Р 90.000 C retires and is paid P 26,000. REQUIRED: Give journal entries to record the settlement with C using 3 methods. ABC

4.12 A, B, and C are partners sharing profits in the ratio of 3:2:5, respectively. The goodwill of the business (not recognized in the books) is valued at P 12,000. The capital accounts of the partners are as follows: P 40,000 30,000 20,000 Р 90.000 C retires and is paid P 26,000. REQUIRED: Give journal entries to record the settlement with C using 3 methods. ABC

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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