Barth, Holt, and Tran have been partners sharing net incomes and losses in a 6 2 2 ratios On November 30, the date Tran retires from the partnership, the equities of the partners are Barth, $300,000 Holt, $195,000 and Tran, $75,000 Present General Journal entries to record Trans retirement under ea...

a Nov 30 Tran Capital 75000 Cash 75000 To record retirement of Tran b Nov ...

Barth, Holt, and Tran have been partners sharing net incomes and losses in a 6:2:2 ratios. On

Question:

Barth, Holt, and Tran have been partners sharing net incomes and losses in a 6:2:2 ratios. On November 30, the date Tran retires from the the equities of the partners are: Barth, $300,000; Holt, $195,000; and Tran, $75,000. Present General Journal entries to record Tran’s retirement under each of the following unrelated assumptions:
a. Tran is paid $75,000 in cash for his equity.
b. Tran is paid $90,000 in cash for his equity.
c. Tran is paid $67,500 in cash for his equity.

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...