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What the entry on a retirement included

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Reference no: EM132903396

The partners in ABC Co. had the following capital balances and P/L sharing percentages: A (50%) P320,000; B (30%) P192,000, and C(20%) P128,000.

Problem 1: A decided to retire and sold his interest to B for P360,000. The entry on A's retirement included

a. credit to B's capital for P360,000.

b. credit to B's capital for P320,000.

c. debit to B's capital for P24,000.

d. debit to C's capital for P16,000.

Reference no: EM132903396

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