se the following information for the next two questions

The following balances as at October 31, 2016 for the Partnership of FFF were as follows:

Cash 80,000
Fair, Loan 24,000
Non-cash assets 640,000
Liabilities 24,000
Fare, Loan 36,000
Fare, Capital 168,000
Fair, Capital 156,000
Faire, Capital 360,000

Fare has decided to retire from the partnership on October 31. Partners agreed to
adjust the non -cash assets to their fair values of P784,000. The estimated profit
on October 31 is P160,000. Fare will be paid P276,800 for her partnership interest
exclusive of her loan which is to be paid in full. Their profit and loss ratio is 3:4:3
to FFF respectively.

1. What will be the balance of Fair capital account after the retirement of Fare?

2. Assuming the amount paid to Fare is inclusive of his loan, what is the
capital account of Faire after the retirement of Fare?

Rico, Sean and Tim are partners sharing profits in the ratio of 3:2:1 respectively.Capital
accounts are P250,000, P150,000 and P100,000 on December 31, 2015 when Tim decides to
withdraw. It is agreed to pay P150,000 for Tim’s investment. Profits after the withdrawal of
Tim are to be shared equally. What is the entry required to record the withdrawal of Tim
under the bonus method?