H. Marc, Jacobs and Benetton share profits in the ratio 2:3:5. On September 30, Partner Benetton opted to retire from the partnership. The capital balances on this date are the following: Marc-P50,0003; Jacobs-P 80,000; Benetton-P 70,000. How much is to be debited from Marc assuming Benetton is paid P 78,000 in full settlement of his interest? Use Bonus method.

The E.N.D. partnership has the following capital balances as of the end of the current year: Pineda 160,000 Adams 140,000 Fergie 130,000 Gomez 120,000 Answer each   A. Assume that the partners and losses 3:3:2:2,respectively. Fergie retires and is paid 151,000 based on the terms of the orginal partnership agreement. If the Goodwill method is used;what is the capital of the remaining three partners? B. Assume that the partners share profit and losses 4:3:2:1, respectively. Peneda retires and is paid 305,000 based on the terms of the orginal partnership agreement. If the bonus method is used, what is the capital balance of the remaining three partners? (Do not round intermediate calculations. Round to the nearest amounts.   A. Pineda   capital Balance__________ Adams       capital Balance__________ Gomez      capital Balance__________     B. Pineda        capital Balance__________ Adams       capital Balance__________ Gomez      capital Balance__________

Myles Etter and Crystal Santori are partners who share in the income equally and have capital balances of $199,800 and $62,680, respectively. Etter, with the consent of Santori, sells one-third of his interest to Lonnie Davis.   Assume the sale occurs on December 31. What entry is required by the partnership if the sales price is (a) $66,600? (b) $87,700?