year, Maria decides to withdraw from the partnership. Maria will receive cash settlement P150,000 and P180,000 respectively and divide profit and loss equally. At the end of the Maria, Leonora and Teresa are partners with adjusted capital balances of P165,000, of P150,000 Instruction: Give the entry to record the withdrawal of Maria assuming - a. Bonus Method is used b. Revaluation of Asset method is used

year, Maria decides to withdraw from the partnership. Maria will receive cash settlement P150,000 and P180,000 respectively and divide profit and loss equally. At the end of the Maria, Leonora and Teresa are partners with adjusted capital balances of P165,000, of P150,000 Instruction: Give the entry to record the withdrawal of Maria assuming - a. Bonus Method is used b. Revaluation of Asset method is used

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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