Saktolang is retiring from the Ichuramo Partnership. The profit and loss ratio is 2:2:1, respectively. After the accountant has posted the revaluation and closing entries, the credit balances in the...

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Extracted text: Saktolang is retiring from the Ichuramo Partnership. The profit and loss ratio is 2:2:1, respectively. After the accountant has posted the revaluation and closing entries, the credit balances in the Capital accounts are: Ganda P530,000; Pedena, P430,000; and Saktolang, P210,000. Required: Journalize the journal entries to record the retirement of Saktolang under each of the following unrelated assumptions: a) Saktolang retires, taking P210,000 of partnership cash for her equity. b) Saktolang retires, taking P270,000 of partnership cash for her equity.