P, Q and R were partners, sharing profits and losses equally. P retired and Q and R

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P, Q and R were partners, sharing profits and losses equally. P retired and Q and R continued in partnership sharing profits and losses equally. Goodwill was valued at $60 000 but was not shown in the books.

Which entries will record the adjustments for P's retirement in the books?

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Accounting A Level And AS Level

ISBN: 9780521539937

1st Edition

Authors: Harold Randall

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Question Posted: Aug 28, 2023 01:51 PM

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P, Q and R were partners, sharing profits and losses equally. P retired and Q and R

Question:

A B ( D P $ Credit 20 000 Debit 20 000 Capital accounts Q $ Credit 10 000 Tors FS Debit 10 000 Credit 10 000 Credit 30 000 R CALD Credit 10 000 Debit 10 000 Credit 10 000 Credit 30 000

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ANSWER When a partner retires from a partnership adjustments need to be made to the capital accounts ...View the full answer

Accounting A Level And AS Level

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