under each of the E assumption: s paid cash of P1C

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Answer letter B only
A. Record the withdrawal of Daryl from the
partnership under each of the following
independent assumption:
1. Daryl is paid cash of P100,000 for the book
value of his interest.
2. Daryl is paid cash of P120,000 for the book
value of his interest.
3. Daryl is paid cash of P90,000 for the book
value of his interest.
4. Dayl received cash of P80,000 and interest
bearing note of P30,000 for the book value
of his interest
B. Determine the capital balance of each
remaining partner using assumption A2 above.
What personal settlement will remaining partners
have if they want to bring their capital balances to
their profit and loss sharing ratio of 5:3:2 for Lei,
Stephen, and Jacob, respectively?
Transcribed Image Text:A. Record the withdrawal of Daryl from the partnership under each of the following independent assumption: 1. Daryl is paid cash of P100,000 for the book value of his interest. 2. Daryl is paid cash of P120,000 for the book value of his interest. 3. Daryl is paid cash of P90,000 for the book value of his interest. 4. Dayl received cash of P80,000 and interest bearing note of P30,000 for the book value of his interest B. Determine the capital balance of each remaining partner using assumption A2 above. What personal settlement will remaining partners have if they want to bring their capital balances to their profit and loss sharing ratio of 5:3:2 for Lei, Stephen, and Jacob, respectively?
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