Question

On January 1, 20X1, Eddy decides to retire from the partnership of Cobb, Davis, and Eddy. The partners share profits and losses in the ratio of 3:2:1, respectively. The following condensed balance sheets present the account balances immediately before and, for six independent cases, after Eddy’s retirement.



Required
Prepare the necessary journal entries to record Eddy’s retirement from the partnership for each of the six independentcases.


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  • CreatedMay 23, 2014
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