Mercedes, Melinda and Julieta are partners sharing profit and loss 40%, 30% and 30% respectively. Capital balances of the partners before the retirement of Mercedes were at P450,000, P425,000 and...

Extracted text: Mercedes, Melinda and Julieta are partners sharing profit and loss 40%, 30% and 30% respectively. Capital balances of the partners before the retirement of Mercedes were at P450,000, P425,000 and P400,000. The company sustained a net loss of P45,000 during the year. The partners were allowed to withdraw P10,000 each. Instruction: Give the entry to record the retirement of Mercedes, assuming no Bonus or Revaluation will be recorded