Question: Use the following information for the next two items: The partners in ABC Co. had the following capital balances and P/L sharing percentages: A (50%)

Use the following information for the next two items:

The partners in ABC Co. had the following capital balances and P/L sharing percentages: A (50%) P320,000; B (30%) P192,000, and C(20%) P128,000.

7. A decided to retire and sold his interest to B for P360,000. The entry on A's retirement included

a. credit to B's capital for P360,000.

b. credit to B's capital for P320,000.

c. debit to B's capital for P24,000.

d. debit to C's capital for P16,000.

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