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Withdrawal by Sale of Interest to the Partnership The following condensed statement of financial position is for the partnership of Chavez, Lozada and Samoza immediately
Withdrawal by Sale of Interest to the Partnership The following condensed statement of financial position is for the partnership of Chavez, Lozada and Samoza immediately prior to Samoza's withdrawal from the partnership: Cash P 400,000 Liabilities P100,000 Other Assets 900,000 Chavez, Capital 400,000 Lozada, Capital 300,000 Samoza, Capital 500,000 P1,300,000 P1,300,000 The partners share profits or losses equally, Required: Using both the goodwill and bonus methods whenever applicable, how will the partnership record the withdrawal of Samoza given the following settlement prices: 1 P500.000 2 P550.000 3 P450,000
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