Required: Prepare the journal entries to record the foregoing events.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The partners' capital (income-sharing ratio in parentheses) of Rivadelo, Del Mundo,
Rosario and Pabustan on May 31, 2010, was as follows:
Rivadelo (20%)
Del Mundo (20 %)
Rosario (20%)
Pabustan (40 %)
Total partners' capital
P 60,000
80,000
70,000
40,000
P250,000
On May 31, 2010, with the consent of Rivadelo, Del Mundo, and Pabustan:
a. Rosario retired from the partnership and was paid P50,000 cash in full settlement of
his interest in the partnership.
b. Bobadilla was admitted to the partnership with a P20,000 cash investment for a 10%
interest in the net assets of the partnership. No goodwill will be recognized.
Required:
Prepare the journal entries to record the foregoing events.
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