hi! please provide a solution/explanation together with the answer. thank you so much. Saktolang is retiring from the Ichuramo Partnership. The profit and loss ratio is 2:2:1, respectively. After the accountant hasposted 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 unrelatedassumptions:a) Saktolang retires, taking P210,000 of partnership cash for her equity.b) Saktolang retires, taking P270,000 of partnership cash for her equity.

The journal entries are prepared to keep the record of day to day transactions of the business.

Answered: Saktolang is retiring from the Ichuramo…

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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Gregorio is retiring from the partnership of Guerra, Guillermo and Gregorio. The profit and loss ratio is2:2:1, respectively. After the accountant has posted the revaluation and closing entries, the creditbalances in the Capital accounts are: Guerra, P 530, 000, Guillermo P 430, 000 and Gregorio, P 210,000. REQUIRED: Journalize the journal entries to record the retirement of Gregorio under each of thefollowing assumptions: 1. Gregorio retires, taking P 210, 000 of partnership cash for her equity.2. Gregorio retires, taking P 270, 000 of partnership cash for her equity.
hello! please provide your solution/explanation. thank you.
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