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Make the journal entry to record the revaluation of asset

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Reference no: EM132671605

Problem 1: Withdrawal of a Partner Ventic was the senior member of the partnership of Ventic, Joson, and Daguiso. When Ventic died, the firm's accountant revalued the assets. The following assets are to be increased in value by these amounts: Merchandise Inventory, P280,000; Building, P560,000. The value of the asset, Equipment, is to be decreased by P90,000. Assuming that the partnership profit and loss ratio is 2:2:1, respectively, prepare the journal entry to record the revaluation of the assets on June 5 prior to dissolution of the firm.

Reference no: EM132671605

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