On March 31, Sara retires from the partnership of Sara, Brenden, and Tim. The partner capital balances

Question:

On March 31, Sara retires from the of Sara, Brenden, and Tim. The partner capital balances are Sara, $48,000; Brenden, $48,000; and Tim, $21,000. The profit-and-loss-sharing ratio has been 5:3:2 for Sara, Brenden, and Tim, respectively.
Requirements
1. Journalize the withdrawal of Sara assuming she receives $60,000 cash.
2. Journalize the withdrawal of Sara assuming she receives $30,000 cash?
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...