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 ssumptions: a) Saktolang retires, taking P210,000 of partnership cash for her equity. b) Saktolang retires, taking P270,000 of partnership cash for her equity.
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 ssumptions: a) Saktolang retires, taking P210,000 of partnership cash for her equity. b) Saktolang retires, taking P270,000 of partnership cash for her equity.
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter12: Accounting For Partnerships And Limited Liability Companies
Section: Chapter Questions
Problem 3PB
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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%2F89cba0ea-e261-4479-988d-7321c1fff8f3%2Fh2yb479_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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