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Withdrawal of a Partner
On July 10, 2019, Partner Ibrahim decided to withdraw from Cebedo, Basa and Ibrahim Partnership.
Their profit and loss ratio is 3:2:1, respectively. Partnership assets are to be used to acquire Ibrahim’s
partnership interest. The statement of financial position for the partnership on that date follows:
Required:
Prepare the journal entries to record Ibrahim’s withdrawal under each of the following assumptions:
1. Ibrahim is paid P54,000, and the excess amount paid over Ibrahim’s capital account balance is recorded as a bonus to Ibra
2. Ibrahim is paid P54,000, and the difference is recorded as a bonus to Cebedo and Basa from Ibrahim.
3. Ibrahim accepted cash of P40,500 and plant assets (equipment) with a current fair value of P9,000. The equipement had c
P30,000 and was 60% depreciated, with no residual value (Record any gain or loss on the disposal of the equipment in the pa
Amount P&L
Cebedo, Capital 120,000.00 3
Basa, Capital 60,000.00 2
Ibrahim, Capital 50,000.00 1
Total 230,000.00
Amount P&L
117,600.00 3
58,400.00 2
176,000.00
Amount P&L
123,000.00 3
62,000.00 2
185,000.00
Amount P&L
118,500.00 3
59,000.00 2
177,500.00