Santino is to withdraw from Mariposa Partnership, owned by partners Macario, Policarpioand Santino, with capital balances of P200,000, P250,000 and P100,000. Macariopurchased 60% of Santino's interest for P65,000 while Policarpio paid Santino P50,000 forthe remainder.Instruction: Give the entry to record the withdrawal of Santino from thePartnership.

The sharing of profit and loss in accordance with the profit and loss sharing ratio.it completely…

Answered: Santino is to withdraw

Business

Accounting

Santino is to withdraw

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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Question

Santino is to withdraw from Mariposa Partnership, owned by partners Macario, Policarpio
and Santino, with capital balances of P200,000, P250,000 and P100,000. Macario
purchased 60% of Santino's interest for P65,000 while Policarpio paid Santino P50,000 for
the remainder.
Instruction: Give the entry to record the withdrawal of Santino from the
Partnership.

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