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Required: Prepare the journal entries to record the foregoing events.

Required: Prepare the journal entries to record the foregoing events.

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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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.
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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