Nilupak, Biko andMaja Blancaare partners with capital balances of P324,300, P207,000 and P158.700. After being a partner for 30 years, Biko decided to withdraw from the partnership. Upon his withdrawal, assets were revaluated, and Biko's share was debited for P27,000. Instruction: 1. Give the entry to record the revaluation of the other assets 2 Give the entry to record the withdrawal of Biko from the partnership.

Nilupak, Biko andMaja Blancaare partners with capital balances of P324,300, P207,000 and P158.700. After being a partner for 30 years, Biko decided to withdraw from the partnership. Upon his withdrawal, assets were revaluated, and Biko's share was debited for P27,000. Instruction: 1. Give the entry to record the revaluation of the other assets 2 Give the entry to record the withdrawal of Biko from the partnership.

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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