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

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 12DQ

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