Withdraw of a Partner Ventic was the senior member of the partnership of Ventic, Joson, and Daguiso. When Ventic died, the firm's accountant revalued the assets. The following assets are to be increased in value by these amounts: Merchandise Inventory, P280,000; Building, P560,000. The value of the asset, Equipment, is to be decreased by P90,000. Assuming that the partnership profit and loss ratio is 2:2:1, respectively, prepare the journal entry to record the revaluation of the assets on June 5 prior to dissolution of the firm.
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.
Withdraw of a Partner Ventic was the senior member of the
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