In the RST partnership, Ron's capital is P80,000,Stella's is P75,000, and Tiffany's is P50,000.They share income in a 3:2:1 ratio, respectively.Tiffany is retiring from the partnership. Tiffany ispaid P60,000, and no asset revaluation isrecorded. In the journal entry to record Tiffany'swithdrawal: In the AD partnership, Allen's capital isP140,000 and Daniel's is P40,000 and theyshare income in a 3:1 ratio, respectively. Theydecide to admit David to the partnership. Whatamount will David have to invest to give himone-fifth percent interest in the capital of thepartnership if no goodwill or bonus is recorded?

In the RST partnership, Ron's capital is P80,00O, Stella's is P75,000, and Tiffany's is P50,000. They share income in a 3:2:1 ratio, respectively. Tiffany is retiring from the partnership. Tiffany is paid P60,000, and no asset revaluation is recorded. In the journal entry to record Tiffany's withdrawal:

In the RST partnership, Ron's capital is P80,00O, Stella's is P75,000, and Tiffany's is P50,000. They share income in a 3:2:1 ratio, respectively. Tiffany is retiring from the partnership. Tiffany is paid P60,000, and no asset revaluation is recorded. In the journal entry to record Tiffany's withdrawal:

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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