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Prepare journal entries to record decena withdrawal

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Question - Dayrit, Dayag and Decena are partners in the Triple D Partnership. Their capital balances on December 31, 2020 are as follows: Dayrit - P1,000,000; Dayag - P600,000; Decena - P800,000. They share profits and losses in the ratio of 3:1:1. Decena is retiring from the partnership on this date.

Prepare journal entries to record Decena's withdrawal according to each of the following assumptions: a. Decena is paid P900,000 and no asset revaluation is recorded. b. Decena is paid P960,000 and asset revaluation is recorded.

Reference no: EM133134091

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