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Record the withdrawal of Joey

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Question - The partnership of Jomar, Joel, and Joey has been in business for 25 years. On December 31, 2018, Tres decided to retire from the partnership. The partnership balance sheet reported the following capital balances for each partner at December 31, 2018.

Jomar, Capital P150,000

Joel, Capital 200,000

Joey, Capital 120,000

The partnership allocates partnership income and loss in the ratio 20:30:50.

Required - Record the withdrawal of Joey under each of the following independent situations.

a. Joey's capital interest was acquired for P150,000 by Dos in a personal transaction. Partnership assets were not revalued.

b. Assume the same facts as in (a) above except that revaluation for land was recognized by the partnership.

c. Joey was given P180,000 of partnership cash upon retirement. Capital of the partnership after Joey's retirement was P290,000.

d. Joey was given P60,000 cash and partnership land with a fair value of P120,000. The carrying amount of the land on the partnership books was P100,000. Capital of the partnership after Joey's retirement was P310,000.

e. Joey was given P150,000 of partnership cash upon retirement.

f. Assume the same facts as in (e) above except that asset revaluation was recorded.

g. Due to limited cash in the partnership, Joey was given land with a fair value of P100,000 and a note payable for P50,000. The carrying amount of the land on the partnership books was P60,000. Capital of the partnership after Joey retirement was P360,000.

Reference no: EM133134679

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