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Journalize the entries to record the retirement of Greg

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Question - Greg is retiring from the partnership of Guerra, Gillas and Greg. The profit and loss ratio is 2:2:1, respectively. After the accountant has posted the revaluation and closing entries., the credit balances in the capital accounts re : Guerra, P530,000; Gillas, P430,000; and Greg, P210,000.

Required - Journalize the entries to record the retirement of Greg under each of the following unrelated assumptions:

1) Greg retires, taking P210,000 of partnership cash for his equity.

2) Greg retires, taking P270,000 of the partnership cash for his equity.

Reference no: EM132972055

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