Mercedes, Melinda and Julieta are partners sharing profit and loss 40%, 30% and 30% espectively. Capital balances of the partners before the retirement of Mercedes were at 450,000, P425,000 and P400,000. The company sustained a net loss of P45,000 during he year. The partners were allowed to withdraw P10,000 each. Instruction: Give the entry to record the retirement of Mercedes, assuming no onus or Revaluation will be recorded

Mercedes, Melinda and Julieta are partners sharing profit and loss 40%, 30% and 30% espectively. Capital balances of the partners before the retirement of Mercedes were at 450,000, P425,000 and P400,000. The company sustained a net loss of P45,000 during he year. The partners were allowed to withdraw P10,000 each. Instruction: Give the entry to record the retirement of Mercedes, assuming no onus or Revaluation will be recorded

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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Subject: accounting
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