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how to solve this one? Ill. On January 1, 2014, Dancel decided to retire from the partnership of Daet, Dais and Dancel, who shares profits

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Ill. On January 1, 2014, Dancel decided to retire from the partnership of Daet, Dais and Dancel, who shares profits and losses in the ration of 3:2:1, respectively. Balances prior to Dancel's Case 1 Case 2 Case 3 Accounts retirement Cash 200,000.00 40,000.00 120,000.00 200,000.00 Other Assets 400,000.00 400,000.00 440,000.00 400.000.00 Total Assets 600,000.00 440,000.00 560,000.00 600,000.00 Liabilities 120,000.00 120,000.00 120,000.00 120,000.00 Daet, Capital 160,000.00 148,000.00 220,000.00 160,000.00 Dais, Capital 180,000.00 172,000.00 220,000.00 180.000.00 Dancel, Capital 140,000.00 Delia, Capital 140,000.00 Total Liabilities and Capital 600,000.00 440,000.00 560,000.00 460,000.00 Instructions: 1. Prepare the necessary journal entries to record the retirement of Dancel from the partnership for each of the seven independent cases. 2. Determine what transaction/settlement took place

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