| Partner withdrawal & admission partnership has a share income and loss ratio of 3:2:5
their capital balances are:
meir
$168,000
benson
$138,000
lau
$294,000
now I need to prepare a journal entry for benson's withdrawal from the partnership as of
feb.1
A) sells his interest to North for $ 160,000
B) gives his interest to son-in-law, Schmidt
C) is pd $ 138,000 in partnership cash for his equity
D) is paid $ 214,000 in partnership cash for his equity
E) is pd $ 30,000 in partnership cash plus equip. recorded on the partnership books at $ 70,000 less its acc. depr. of $ 23,200
I'm confused on where I need to start to complete my journal entries
Monica |