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Prepare the necessary journal entries in the books

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Question - Josh, Jam and Joy have been partners in a law office for 5 years. Jam has decided to retire and wishes to withdraw from the partnership. To facilitate Jam's withdrawal, the partnership prepared the following statement of financial position, which showed the following balances:

Cash P1,060,000

Accounts Receivable, net 240,000

Furniture and Fixture 400.000

Office Equipment 300.000

Total Assets P2.000.000

Accounts Payable P 200,000

Josh, Capital 500,000

Jam, Capital 800,000

Joy, Capital 500.000

Total Equities P2.000.000

Josh, Jam and Joy share profits and losses in the ratio of 3:4:3. The partners agree that the furniture and fixtures and office equipment accounts are undervalued by P120,000 and P80,000, respectively

Required - Prepare the necessary journal entries in the books of the partnership to record the withdrawal of Jam in each of the following situations:

(a) Jam is to receive P880,000

(b) Jam is to receive P800,000

(c) Jam is to receive P920,000

Reference no: EM132976038

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