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Prepare the journal entries to record Chris retirement

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Reference no: EM133118425

Question - The capital account balances and profit and loss ratio of the partners follows after the closing entries:

Joyce (30%) P240,000

Lorenze (40%) P200,000

Chris (20%) P200,000

Jerry (10%) P160,000

Chris is retiring from the partnership and the partners agree that he will receive a cash payment of P280,000 in final settlement of his interest. The book values of partnership assets and liabilities are equal to their fair values except for a building with a book value of P1,200,000 and a fair value of P1,600,000.

Required - Prepare the journal entries to record Chris' retirement assuming:

1. Assets are revalued on the basis of fair values

2. Bonus approach is used

Reference no: EM133118425

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