FUND.ACCT.PRIN.
25th Edition
ISBN: 9781260247985
Author: Wild
Publisher: RENT MCG
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Chapter 12, Problem 12QS
To determine
Introduction:
To Prepare: The Journal entry for the withdrawal of members.
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Withdrawal of a Partner
Gregorio is retiring from the partnership of Guerra, Guillermo, and Gregorio. The profit and loss ratio is 2:2:1, respectively. After the accountant has posted the revaluation and closing entries, the credit balances in the Capital accounts are: Guerra, P530,000; Guillermo, P430,000; and Gregorio, P210,000.
Required: Journalize the journal entries to record the retirement of Gregorio under each of the following unrelated assumptions:
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P215.000
120,000
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750,000
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168,750
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P 1.172.500 P1,172,500
It was agreed that for the purpose of establishing Dominic's interest, the following revaluations shall be made:
1. The allowance for bad debts shall be increased by 5% of outstanding accounts receivable.
2. The Laundry Supplies inventory is to be valued at P 80,000.
3. And a professional appraiser estimated that the furniture and equipment is worth P550,000.
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Capital balances in Grouper Co, are Dene S64,000, Aneta $38,200, and Harriet $25,500. The partners share income equally. Harriet
receives $31,400 from partnership assets in withdrawing from the firm.
Journalize the withdrawal of Harriet. (Credit account titles are automaticàlly indented when the omount is entered. Do not indent manually.
List all debit entries before credit entries.)
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Chapter 12 Solutions
FUND.ACCT.PRIN.
Ch. 12 - Prob. 1QSCh. 12 - Prob. 2QSCh. 12 - Prob. 3QSCh. 12 - Prob. 4QSCh. 12 - Prob. 5QSCh. 12 - Prob. 6QSCh. 12 - Prob. 7QSCh. 12 - Prob. 8QSCh. 12 - QS 12-9
Liquidation of partnership
P5
The Field,...Ch. 12 - Prob. 10QS
Ch. 12 - Prob. 11QSCh. 12 - Prob. 12QSCh. 12 - Prob. 13QSCh. 12 - Prob. 14QSCh. 12 - Prob. 1ECh. 12 - Prob. 2ECh. 12 - Prob. 3ECh. 12 - Prob. 4ECh. 12 - Prob. 5ECh. 12 - Prob. 6ECh. 12 - Prob. 7ECh. 12 - Prob. 8ECh. 12 - Prob. 9ECh. 12 - Prob. 10ECh. 12 - Prob. 11ECh. 12 - Prob. 12ECh. 12 - Prob. 13ECh. 12 - Prob. 14ECh. 12 - Prob. 15ECh. 12 - Prob. 1PSACh. 12 - Prob. 2PSACh. 12 - Prob. 3PSACh. 12 - Prob. 4PSACh. 12 - Prob. 5PSACh. 12 - Prob. 6PSACh. 12 - Prob. 1PSBCh. 12 - Prob. 2PSBCh. 12 - Prob. 3PSBCh. 12 - Prob. 4PSBCh. 12 - Prob. 5PSBCh. 12 - Prob. 6PSBCh. 12 - Prob. 12SPCh. 12 - Prob. 1AACh. 12 - Prob. 2AACh. 12 - Prob. 3AACh. 12 - Prob. 1DQCh. 12 - Prob. 2DQCh. 12 - Prob. 3DQCh. 12 - Prob. 4DQCh. 12 - Prob. 5DQCh. 12 - Prob. 6DQCh. 12 - Prob. 7DQCh. 12 - Prob. 8DQCh. 12 - Prob. 9DQCh. 12 - Kay, Kat, and Kim are partners. In a liquidation,...Ch. 12 - Prob. 11DQCh. 12 - Prob. 12DQCh. 12 - Prob. 1BTNCh. 12 -
BTN 12-4 Assume that you are studying for an...Ch. 12 - BTN 12-3 Access the 2017 10-K of Advanced...Ch. 12 - Prob. 4BTN
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