Reference no: EM132822882
The partnership of Aa, Ba and Ka has been in business for 25 years. On December 31, Ka decided to retire from the partnership. The statement of financial position before the retirement of Ka is presented below:
Cash 40,000
Accounts receivable 60,000
Inventory 140,000
Plant assets - net 400,000
Loan to Aa 30,000
Loan to Ka 40,000
Total assets 710,000
Accounts payable 70,000
Notes payable 80,000
Loan from Ba 50,000
Aa, Capital (20%) 150,000
Ba, Capital (30%) 200,000
Ka, Capital (50%) 160,000
Total liabilities & equity 710,000
Required:
Problem a: Record the withdrawal of Ka under each of the following independent cases:
1) Ka was paid P150,000 cash upon his retirement. The partnership goodwill attributable to the partners were recorded by the partnership.
2.) Due to the limited cash of the partnership, Ka was paid merchandise with a fair value of P100,000 and a note payable for P50,000. The carrying amount of the merchandise was P60,000. Capital of the partnership after Ka's retirement was P360,000.
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