Question: Data pertaining to Pelmar Co are presented in BE12 9 Instead

Data pertaining to Pelmar Co. are presented in BE12-9. Instead of payment from personal assets, assume that Fernetti receives $24,000 from partnership assets in with-drawing from the firm. Journalize the withdrawal of Fernetti.
In BE12-9, Capital balances in Pelmar Co. are Lango $40,000, Oslo $30,000, and Fernetti $20,000. Lango and Oslo each agree to pay Fernetti $12,000 from their personal assets. Lango and Oslo each receive 50% of Fernetti’s equity. The partners share income equally. Journalize the withdrawal of Fernetti.

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  • CreatedJanuary 30, 2014
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