PROFE NAME: SECTION: 2. Problem #20 Withdrawal of a Partner On July 10, 2019, Partner Ibrahim decided to withdraw from the Cebedo, Basa and are to be used to acquire Ibrahim's partnership interest. The statement of financial Ibrahim Partnership. Their profit and loss ratio is 3:2:1, respectively. Partnership assets position for the partnership on that date follows: P 45,000 120,000 60,000 50,000 P275,000 Cebedo, Basa and Ibrahim Statement of Financial Position July 10, 2019 Liabilities and Partners' Capital Liabilities Cebedo, Capital Basa, Capital Ibrahim, Capital Total Assets Cash Trade Accounts Receivable (net) Plant Assets (net) Goodwill (net) Total P 74,000 36,000 135,000 30,000 P275,000 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 Ibrahim from Cebedo and Basa. 2. Ibrahim is paid P45,000, 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 equipment had cost P30,000 and was 60% depreciated, with no residual value (Record any gain or loss on the disposal of the equipment in the partners' capital accounts)