FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Nilupak, Biko andMaja Blancaare partners with capital balances of P324,300, P207,000 and P158,700. After being a partner for 30 years, Biko decided to withdraw from

image text in transcribed
Nilupak, Biko andMaja Blancaare partners with capital balances of P324,300, P207,000 and P158,700. After being a partner for 30 years, Biko decided to withdraw from the partnership. Upon his withdrawal, assets were revaluated, and Biko's share was debited for P27,000. Instruction: 1. Give the entry to record the revaluation of the other assets 2. Give the entry to record the withdrawal of Biko from the partnership

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Managerial Accounting

Authors: James Jiambalvo

4th edition

9780470546888, 9780470333341, 470546883, 470333340, 978-0470578797

More Books

Students also viewed these Accounting questions

Question

=+ 9. International data show a positive correlation between political stability and economic growth.

Answered: 1 week ago

Question

★★★★★
At the beginning of last year, Creative Productions set direct labor standards of 2 hours at $25 per hour for each product produced. During the year, 1,700 direct labor hours were actually worked at...

Answered: 1 week ago

Question

★★★★★
Nilupak, Biko andMaja Blancaare partners with capital balances of P324,300, P207,000 and P158,700. After being a partner for 30 years, Biko decided to withdraw from the partnership. Upon his...

Answered: 1 week ago

Question

★★★★★
Please write a C++ program based on the instructions. Thank you!! Program description In this problem, you are to design and implement a Roman number calculator Roman numerals, as used today, are...

Answered: 1 week ago

Question

★★★★★
Calculate the account balances. Use a "Bal" posting reference on the proper side of each account to show the ending balances of the accounts Cash Accounts Payable Nov 11 Nov 7 Nov 28 17,000 1,800 800...

Answered: 1 week ago

Question

★★★★★
Calculate the Employment Insurance premium on a quarterly director's fee of $11,000.00 paid by a crown corporation listed in Schedule III of the Financial Administration Act in Ontario . Your answer:

Answered: 1 week ago

Question

★★★★★
MCQ-00790 On May 1, Year 1, Marno County issued property tax assessments for the fiscal year ended June 30, Year 2. The first of two equal installments was due on November 1, Year 1. On September 1,...

Answered: 1 week ago

Question

★★★★★
Stien Inc. manufactures recycling boxes. The company has the following information available for the past year: Total sales Total operating income Degree of operating leverage $455,000 $42,000 5.50...

Answered: 1 week ago

Question

★★★★★
The interest charged on a $100,000 note payable, at the rate of 9%, for a year would be Select one: Oa. $9,000. O b. $5,000. c. $2,250. Od. $750.

Answered: 1 week ago

Question

★★★★★
13. last word What do you think of the ethics of using unconscious nudges to alter peoples behavior? Before you answer, consider the following argument made by economists Richard Thaler and Cass...

Answered: 1 week ago

Question

★★★★★
4. Theres no such thing as bad publicity. Evaluate this statement in terms of the recognition heuristic. LO8.2

Answered: 1 week ago

Question

★★★★★
3. Economist Gerd Gigerenzer characterizes heuristics as fast and frugal ways of reaching decisions. Are there any costs to heuristics being fast and frugal? Explain and give an example of how a fast...

Answered: 1 week ago

Previous Question Next Question