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Prepare the journal entry to record the withdrawal

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Question - Mew, Gulf, and Mild are partners who share profits and losses in a ratio of 3:1:2, respectively. Mild, Capital account has a P500,000 balance. Mew and Gulf have agreed to let Mild take P620,000 of the company's cash when he retires. Prepare the journal entry to record the withdrawal of Mild from the partnership.

Reference no: EM133137252

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