Withdrawal of a Partner. Thank you!

NAME: SCORE: SECTION: PROFESSOR: Problem #20 Withdrawal of a Partner On July 10, 2019, Partner Ibrahim decided to withdraw from the Cebedo, Basa and Ibrahim Partnership. Their profit and loss ratio is 3:2:1, respectively. Partnership assets are to be used to acquire Ibrahim's partnership interest. The statement of financial position for the partnership on that date follows: Cebedo, Basa and Ibrahim Statement of Financial Position July 10, 2019 Assets Liabilities and Partners' Capital Cash P 45,000 P 74,000 Liabilities Trade Accounts Receivable (net) 36,000 Cebedo, Capital 120,000 Plant Assets (net) 135,000 Basa, Capital 60,000 Goodwill (net) 30,000 Ibrahim, Capital 50,000 Total P275,000 Total 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)