Reference no: EM133136753
Question 1 - Queen, Risa, and Serena are partners sharing profits and losses equally. On August 16, 200A, Queen dies. The partnership continues its operations and in December 31, 200A, the net income is Php250,000.
Required - Give the necessary entries to determine the amount payable to Queen's estate. The capital balance of Queen as of January 1, 200A is Php200,000 and her drawing account during the period is Php10,000.
Question 2 - Niña, Olaf, and Peter are partners for over 20 years sharing profits and losses equally. Their capital balances are as follows: Php250,000; Php200,000 and Php150,000, respectively. Olaf is scheduled for retirement during the period.
Required - Record the retirement of Olaf under each of the following independent cases:
a. Olaf is paid cash equal to the book value of her interest.
b. Olaf is paid Php260,000 cash for her interest; excess payment is treated as asset revaluation.
c. Olaf is paid Php260,000 cash for her interest; excess payment is treated as a bonus.
d. Olaf is paid Php150,000 cash for her interest; excess of her capital interest over the payment is treated as asset revaluation.
e. Olaf is paid Php150,000 cash for her interest; excess of her capital interest over the payment is treated as bonus.
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