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How much was the bonus debited or credited in partner bruce

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Reference no: EM132935593

Bruce, Parker, and May formed a partnership. Their capital balances showed the following:


Bruce, Capital - P252,000
Parker, Capital - P126,000
May, Capital - P42,000


Their profit and loss ratio are 6:3:1. The partners decide to sell 20 percent of their interest to Violet for a total payment of P120,000. Violet will pay the money directly to other partners.

Requirement:

Problem 1: How much was the bonus debited or credited in partner Bruce's capital account?

Reference no: EM132935593

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