l SMART ?6:42 PM© 20% OAssignment DetailsACC C102-101K FIN ACCTG AND RPRTG 2 | W/S | 7:3...Daryl decided to withdraw from Daryl, Lei,Stephen, and Jacob Partnership. They shareprofit and loss in the ratio of 2:3:2:3 and havecapital balances of P100,000, P160,000,P100,000 and P140,000, respectively. The assetsand liabilities of the partnership are fairly valued.Required:A. Record the withdrawal of Daryl from thepartnership under each of the followingindependent assumption:1. Daryl is paid cash of P100,000 for the bookvalue of his interest.2. Daryl is paid cash of P120,000 for the bookvalue of his interest.3. Daryl is paid cash of P90,000 for the bookvalue of his interest.4. Dayl received cash of P80,000 and interestbearing note of P30,000 for the book valueof his interestSubmit Assignment( PreviousNextDashboardCalendarTo DoNotificationsInbox

The record of the withdrawal is given as,

Answered: a to and Jacob I loss in the

Business

Accounting

a to and Jacob I loss in the

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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Concept explainers

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.

Question

l SMART ?
6:42 PM
© 20% O
Assignment Details
ACC C102-101K FIN ACCTG AND RPRTG 2 | W/S | 7:3...
Daryl decided to withdraw from Daryl, Lei,
Stephen, and Jacob Partnership. They share
profit and loss in the ratio of 2:3:2:3 and have
capital balances of P100,000, P160,000,
P100,000 and P140,000, respectively. The assets
and liabilities of the partnership are fairly valued.
Required:
A. Record the withdrawal of Daryl from the
partnership under each of the following
independent assumption:
1. Daryl is paid cash of P100,000 for the book
value of his interest.
2. Daryl is paid cash of P120,000 for the book
value of his interest.
3. Daryl is paid cash of P90,000 for the book
value of his interest.
4. Dayl received cash of P80,000 and interest
bearing note of P30,000 for the book value
of his interest
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