PROBLEM:

QUESTION:

How much was the bonus debited or credited in partner Bruces capital account? (Good Accounting Form)

Bruce, Parker and May formed a partnership. Their capital balances showed the following: Bruce, Capital- P252,000; Parker, Capital- P126,000; May, Capital- P42,000. Their profit and loss ratio are 6:3:1. The partners decide to sell 20 percent of their interest to Violet for a total payment of P120,000 Violet will pay the money directly to the other partners