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Question - Nadab and Baasha wish to purchase the partnership interest of their partner, Oniel, at November 1, 2020. Partnership assets are to be used to purchased Oniel's partnership interest. The statement of financial position for the partnership on this date shows the following:
NBZ Partnership Statement of Financial Position November 1, 2020
Assets
Cash P43,200
Receivable, net 28,800
Equipment, net 108,000
Other Assets 24,000
Total Assets P204,000
Liabilities and Capital
Liabilities P36,000
Nadab, Capital 96,000
Baasha, Capital 48,000
Oniel, Capital 24,000
Total Liabilities and Capital P204,000
The partners share earnings in the ratio of 6:4:2.
Required - Prepare the journal entries to record the retirement of Oniel, under bonus method and asset revaluation, under the following assumptions:
1. Oniel is paid P32,000
2. Oniel is paid P21,600, half is in cash and the remaining payable within one year
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