On December 31, 2021, capital balances of the partners in Manitoba Maple are R. Neepawa $45,000; S.
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On December 31, 2021, capital balances of the partners in Manitoba Maple are R. Neepawa $45,000; S. Altona $35,000; and T. Morden $25,000. The partners share profit in a 5:3:2 ratio, respectively. Morden decides that she is going to leave the partnership. Journalize the withdrawal of Morden assuming:
a. Neepawa and Altona both pay Morden $17,000 from their personal assets to each receive 50% of Morden’s equity.
b. Neepawa and Altona both pay Morden $12,000 from their personal assets to each receive 50% of Morden’s equity.
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Related Book For
Accounting Principles Volume 2
ISBN: 978-1119502555
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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