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Required: Journalize the journal entries to record the ret each of the following unrelated assumptions: Gregorio retires, taking P210,000 of partnership cash for her equity. Gregorio retires, taking P270,000 of partnership cash for her equity. 1. 2.

Required: Journalize the journal entries to record the ret each of the following unrelated assumptions: Gregorio retires, taking P210,000 of partnership cash for her equity. Gregorio retires, taking P270,000 of partnership cash for her equity. 1. 2.

FINANCIAL ACCOUNTING
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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Problem #18 Withdrawal of a Partner Gregorio is retiring from the partnership of Guerra, Guillermo, and Gregorio. 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: Guerra, P530,000; Guillermo, P430,000; and Gregorio, P210,000. Required: Journalize the journal entries to record the retirement of Gregorio under each of the following unrelated assumptions: Gregorio retires, taking P210,000 of partnership cash for her equity. Gregorio retires, taking P270,000 of partnership cash for her equity. 1. 2.
Transcribed Image Text:Problem #18 Withdrawal of a Partner Gregorio is retiring from the partnership of Guerra, Guillermo, and Gregorio. 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: Guerra, P530,000; Guillermo, P430,000; and Gregorio, P210,000. Required: Journalize the journal entries to record the retirement of Gregorio under each of the following unrelated assumptions: Gregorio retires, taking P210,000 of partnership cash for her equity. Gregorio retires, taking P270,000 of partnership cash for her equity. 1. 2.
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