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Hector is retiring from the partnership with Fred and Gabby as of July 1, 2019 and is paid P16,000. Their capital balances as of January 1, 2019 and shares in profits are as follows:
Capital Balance P/L Ratio
Fred P20,000 30%
Gabby 30,000 40
Hector 10,000 30
Hector's drawing for the first half of 2019 amounted to P1,500 and net income for the first half of 2019 amounted to P15,000.
Problem 1: Make the entry or entries incidental to the retirement of Hector under each of the following assumptions:
a. The asset revaluation of the partnership is recorded
b. The additional payment to the retiree is a bonus from the remaining partners.
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