Case number 5 only. The given problem is in the box (top) part. Case 6: C retires and the partnership settles his interest forCase 5: C withdraws from the partnership and sells his interest toB for P30,000. Provide the journal entry and determine the capitalbalances and P/L ratio of the remaining partners after C-withdrawal.balances and P/L ratio of the remaining partners after C'sP32,000. Provide the journal entry and determine the capitalretirement. Case 1: D purchases one-half of A's capital interest for P70,000.balances: A (60%) P100,000; B (30%) P60,000; and C (10%) P20,000. |A, B and C are partners with the following P/L ratio and capitalbalances: A (60%) P100,000; B (30%) P60,000; and C (10%) P20 0Case 1: D purchases one-half of A's capital interest for P70 0Provide the journal entry under the 'book value' method.Case 2: D purchases 20% interest in the partnership from A, BandC for P60,000. Provide the journal entry under the 'book valudmethod and determine the capital balances of the partners afterD's admission.Case 3: D invests P70,000 cash for a 20% interest in thepartnership's net assets and profits. Provide the journal entry anddetermine the capital balances and P/L ratio of the partners afterD's admission.Case 4: D wants to infuse capital to the partnership for a 10%interest in the net assets and profits. The partners determine thatthe net assets are fairly valued except for land carried at P365,000but has a fair value of P410,000. If no bonus is to be given to anypartner, how much is D's required investment?

Partnership means where two or more person comes together to do some common business activity and…

Answered: Case 5: C withdraws from 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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Case 5: C withdraws from the partnership and sells his interest to B for P30,000. Provide the journal entry and determine the capital balances and P/L ratio of the remaining partners after C withdrawal.