The partner's capital (profit and loss ratio in parentheses) of Ben, Donny. Lucky, and Ronnie on February 28 2023, was as follows: Ben (20%) Donny (20 %) Lucky (20 %) Ronnie (40%) Total P60,000 80,000 70,000 40.000 P250,000 On February 28, 2023, with the consent of Ben, Donny, and Ronnie: a. On March 8, Lucky retired from the partnership and was paid P50,000 cash in full settlement of his interes in the partnership. b. On March 18, Aldrin was admitted to the partnership with a P20,000 cash investment for a 10% interest in the net assets of the partnership. The total agreed capital is P220,000. ry oumal entries to reflect the withdrawal of Iucky and admission of Aldrin Rammirad: Pranare all tha
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
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