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Compute the adjusted balances for each of the partners

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Reference no: EM132820642

John withdraws from the partnership on september 30, 20x1. He decides to sell his interest to the remaining partners P 900,000. The following are the capital balances of the partners as of September 30, 20x1:

PARTNER.                                CAPITAL BAL.

John, Capital (30%)              300,000

Andrew,Capital (30%)          200,000

Jess,Capital (40%)           190,000

Total.                             P690,000

The partnership's profit for the third quarter ending September 30, 20x1 is P 300,000.

REQUIRED:

Question a. Compute the adjusted balances for each of the partners

Question b. Provide the journal entries to record the necessary adjustment (the share in the profit and the transfer of capital) in the partnership's capital structure as a result of John's withdrawal.

 

Reference no: EM132820642

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