The partners' capital (income-sharing ratio in parentheses) of Rivadelo, Del Mundo, Galvan and Samson on May...
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The partners' capital (income-sharing ratio in parentheses) of Rivadelo, Del Mundo, Galvan and Samson on May 31, 2020, was as follows: Rivadelo (20%) 60,000 Del Mundo (20%) 80,000 Galvan (20%) 70,000 Samson (40%) 40,000 250,000 Total Partners' Equity On May 31, 2020, with the consent of Rivadelo, Del Mundo and Samson: a. Galvan retired from the partnership and was paid P50,000 cash in full settlement of his interest in the partnership. b. Mamitag was admitted to the partnership with a P20,000 cash investment for a 10% interest in the net assets of the partnership. No goodwill will be recognized. Required: Prepare journal entries to record the foregoing events. The partners' capital (income-sharing ratio in parentheses) of Rivadelo, Del Mundo, Galvan and Samson on May 31, 2020, was as follows: Rivadelo (20%) 60,000 Del Mundo (20%) 80,000 Galvan (20%) 70,000 Samson (40%) 40,000 250,000 Total Partners' Equity On May 31, 2020, with the consent of Rivadelo, Del Mundo and Samson: a. Galvan retired from the partnership and was paid P50,000 cash in full settlement of his interest in the partnership. b. Mamitag was admitted to the partnership with a P20,000 cash investment for a 10% interest in the net assets of the partnership. No goodwill will be recognized. Required: Prepare journal entries to record the foregoing events.
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Related Book For
Intermediate Accounting Volume 1
ISBN: 978-1119496496
12th Canadian edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
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