Reference no: EM132709745
Problem - Withdrawal and Admission of Partners
The partners' capital (income-sharing ratio in parentheses) of Rivadelo, Del Mundo, Galvan and Samson on May 31, 2018, was as follows:
Rivadelo (20%) P60,000
Del Mundo (20%) 80,000
Galvan (20%) 70,000
Samson (40%) 40,000
Total partners' capital P250,000
On May 31, 2018, with the consent of Rivadelo, Del Mundo, and Samson:
a. Galvan retired from the partnership and was paid P50,000 cash in full settlement of his interest in the partnership.
b. Mamitag was admitted to the partnership with a P20,000 cash investment for a 10% interest in the net assets of the partnership. No goodwill will be recognized.
Required - Prepare the journal entries to record the foregoing events.
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