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 withdrawing from the firm. Journalize the withdrawal of Fernetti.

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.