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Prepare the journal entries to record Danes withdrawal

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Problem - In the DCD partnership, De Chavez's capital is P40,000, Castillo's is P50,000, and Danes's is P30,000. They share income in a 4:1:1 ratio, respectively. Danes is retiring from the partnership.

Required - Prepare the journal entries to record Danes's withdrawal if she is paid P38,000, and no goodwill is recorded.

Reference no: EM132863338

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