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Provide the journal entries to record necessary adjustment

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Reference no: EM132820646

On June 30, 20x1, John decides to pull out his investment from the partnership and agreed to receive a settlement price of P 400,000 from the partnership. The adjusted (reflecting the share in P/L capital balances of the partners as of June 30, 20x1 are as follows:

John (20%): P 450,000

Andrew (20%): P240,000

Jess (60,000): P 310,000

REQUIRED:

Problem 1: Provide the journal entries to record the necessary adjustment in the partnership's capital structure due to John's withdrawal.

Reference no: EM132820646

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