Unruh, Grey, and Carter are partners with capital balances of P80,000, P200,000, and P120,000,respectively. Profits and losses are shared in a 3:2:1 ratio. Grey decided to withdraw and thepartnership revalued its assets. The value of inventory was decreased by P20,000 and the value ofland was increased by P50,000. Unruh and Carter then agreed to pay Grey P230,000 for hiswithdrawal
Unruh, Grey, and Carter are partners with capital balances of P80,000, P200,000, and P120,000,respectively. Profits and losses are shared in a 3:2:1 ratio. Grey decided to withdraw and thepartnership revalued its assets. The value of inventory was decreased by P20,000 and the value ofland was increased by P50,000. Unruh and Carter then agreed to pay Grey P230,000 for hiswithdrawal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Unruh, Grey, and Carter are
partners with capital balances
of P80,000, P200,000, and
P120,000,respectively. Profits
and losses are shared in a 3:2:1
ratio. Grey decided to withdraw
and thepartnership revalued its
assets. The value of inventory
was decreased by P20,000 and
the value ofland was increased
by P50,000. Unruh and Carter
then agreed to pay Grey
P230,000 for hiswithdrawal
from the partnership. Prepare
the journal entry to record
Grey's withdrawal under the
bonus method. *](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa2a0c162-22d3-467a-9332-edfdd7175ba5%2F0deb4083-1f2a-45e4-bdc6-40522d36efc3%2Fwm25vue_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Unruh, Grey, and Carter are
partners with capital balances
of P80,000, P200,000, and
P120,000,respectively. Profits
and losses are shared in a 3:2:1
ratio. Grey decided to withdraw
and thepartnership revalued its
assets. The value of inventory
was decreased by P20,000 and
the value ofland was increased
by P50,000. Unruh and Carter
then agreed to pay Grey
P230,000 for hiswithdrawal
from the partnership. Prepare
the journal entry to record
Grey's withdrawal under the
bonus method. *
![Unruh, Grey, and Carter are
partners with capital balances
of P80,000, P200,000, and
P120,000,respectively. Profits
and losses are shared in a 3:2:1
ratio. Grey decided to withdraw
and thepartnership revalued its
assets. The value of inventory
was decreased by P20,000 and
the value ofland was increased
by P50,000. Unruh and Carter
then agreed to pay Grey
P230,000 for hiswithdrawal
from the partnership. Prepare
the journal entry to record
Grey's withdrawal under the full
goodwill method. *
Vour](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa2a0c162-22d3-467a-9332-edfdd7175ba5%2F0deb4083-1f2a-45e4-bdc6-40522d36efc3%2Fzp49g4_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Unruh, Grey, and Carter are
partners with capital balances
of P80,000, P200,000, and
P120,000,respectively. Profits
and losses are shared in a 3:2:1
ratio. Grey decided to withdraw
and thepartnership revalued its
assets. The value of inventory
was decreased by P20,000 and
the value ofland was increased
by P50,000. Unruh and Carter
then agreed to pay Grey
P230,000 for hiswithdrawal
from the partnership. Prepare
the journal entry to record
Grey's withdrawal under the full
goodwill method. *
Vour
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