Withdrawal of a Partner (7 points)

A, B, and C are partners with capital balances on December 31, 200D of P450,000, P450,000, and P300,000, respectively. Profits are shared equally. C wishes to withdraw and it is agreed that he is to take certain furniture and fixtures at their second-hand value of P18,000 and note for the balance of his interest. The furniture and fixtures are carried on the books as fully depreciated. Brand new, the furniture and fixtures may cost P30,000. Give the entries necessary to record the withdrawal of C