Chever decided to retire in their partnership after his 60th birthday during the year. His capital...
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Chever decided to retire in their partnership after his 60th birthday during the year. His capital balance in the partnership amounted to P550,000. He sold 55% of his interest to a remaining partner, Looler, for only P180,000, and the remaining interest to Haller, an outsider, for P305,000. In the journal entry to record Chever's retirement, how much was credited to the capital account of: a. Looler I b. Haller Chever decided to retire in their partnership after his 60th birthday during the year. His capital balance in the partnership amounted to P550,000. He sold 55% of his interest to a remaining partner, Looler, for only P180,000, and the remaining interest to Haller, an outsider, for P305,000. In the journal entry to record Chever's retirement, how much was credited to the capital account of: a. Looler I b. Haller
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SOLUTION To record Chevers retirement and the sale of his interest we need to adjust his capital bal... View the full answer
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
Posted Date:
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