A, B, and C are partners with capital balances on December 31, 200D of P 450,000, P 450,000 and P 300,000, respectively. Profits are shared equally. C wishes to withdraw and it is agreed that he is to take certain furniture and fixtures at their second-hand value of P 18,000 and note for the balance of his interest, The furniture and fixtures are carried on the books as fully depreciated. Brand new, the furniture and fixtures may cost P 30,000. 4.14 0000 REQUIRED: Give the entries necessary to record the withdrawal of C.

A, B, and C are partners with capital balances on December 31, 200D of P 450,000, P 450,000 and P 300,000, respectively. Profits are shared equally. C wishes to withdraw and it is agreed that he is to take certain furniture and fixtures at their second-hand value of P 18,000 and note for the balance of his interest, The furniture and fixtures are carried on the books as fully depreciated. Brand new, the furniture and fixtures may cost P 30,000. 4.14 0000 REQUIRED: Give the entries necessary to record the withdrawal of C.

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter10: Partnerships: Formation, Operation, And Basis

Section: Chapter Questions

Problem 59P

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