ng is Telinig inom the the accountant na posted the revaluation and closing entries, the credit balances in the Capital accounts are: Ganda P530,000; Pedena, P430,000; and Saktolang, P210,000. Required: Journalize the journal entries to record the retirement of Saktolang under each of the following unrelated assumptions: a) Saktolang retires, taking P210,000 of partnership cash for her equity. b) Saktolang retires, taking P270,000 of partnership cash for her equity.
ng is Telinig inom the the accountant na posted the revaluation and closing entries, the credit balances in the Capital accounts are: Ganda P530,000; Pedena, P430,000; and Saktolang, P210,000. Required: Journalize the journal entries to record the retirement of Saktolang under each of the following unrelated assumptions: a) Saktolang retires, taking P210,000 of partnership cash for her equity. b) Saktolang retires, taking P270,000 of partnership cash for her equity.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Saktolang is retiring from the Ichuramo Partnership. The profit and loss ratio is 2:2:1, respectively. After the accountant has
posted the revaluation and closing entries, the credit balances in the Capital accounts are: Ganda P530,000;
Pedena, P430,000; and Saktolang, P210,000.
Required: Journalize the journal entries to record the retirement of Saktolang under each of the following unrelated
assumptions:
a) Saktolang retires, taking P210,000 of partnership cash for her equity.
b) Saktolang retires, taking P270,000 of partnership cash for her equity.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F94b6b2ea-5d1a-4c6a-80c6-3ec8344330d1%2F73c8ec35-1724-47c5-a2bf-b8c653ecd60b%2Fxupvsd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Saktolang is retiring from the Ichuramo Partnership. The profit and loss ratio is 2:2:1, respectively. After the accountant has
posted the revaluation and closing entries, the credit balances in the Capital accounts are: Ganda P530,000;
Pedena, P430,000; and Saktolang, P210,000.
Required: Journalize the journal entries to record the retirement of Saktolang under each of the following unrelated
assumptions:
a) Saktolang retires, taking P210,000 of partnership cash for her equity.
b) Saktolang retires, taking P270,000 of partnership cash for her equity.
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