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Give the entry to record the revaluation of the other assets

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Reference no: EM133176121

Question - Nilupak, Biko and Maja Blancaare partners with capital balances of P324,300, P207,000 and P158,700. After being a partner for 30 years, Biko decided to withdraw from the partnership. Upon his withdrawal, assets were revaluated, and Biko's share was debited for P27,000.

Required -

1. Give the entry to record the revaluation of the other assets.

2. Give the entry to record the withdrawal of Biko from the partnership.

Reference no: EM133176121

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